10069. Montana National Bank (Helena, MT)

Bank Information

Episode Type
Run โ†’ Suspension โ†’ Reopening
Bank Type
national
Bank ID
2813
Charter Number
2813
Start Date
July 27, 1893
Location
Helena, Montana (46.593, -112.036)

Metadata

Model
gpt-5-mini
Short Digest
add1c49e06568b1e

Response Measures

Public signal of financial health, Partial suspension, Full suspension, Books examined

Other: Bank placed in hands of a receiver; offered depositors interest-bearing certificates payable in five installments (a planned deferred-payment resumption), and reorganized board/officers to enable reopening.

Receivership Details

Date receivership started
1893-08-02
Date receivership terminated
1893-12-11
OCC cause of failure
Losses

Description

The Montana National experienced heavy withdrawals/failed to open on July 27, 1893 (run/stringency of money market), was placed in the hands of a receiver Aug 2, 1893, proposed a plan to resume and reopened in mid-December 1893. Cause is the money-market/stringency associated with the broader panic of July 1893 (macro/systemic). OCR typos in some articles corrected (e.g., dates and 'Montana National').

Events (9)

1. November 11, 1882 Chartered
Source
historical_nic
2. July 27, 1893 Run
Cause
Macro News
Cause Details
Unprecedented withdrawal of deposits and general stringency of the money market; banks could not obtain currency quickly enough to meet demands.
Measures
Could not command currency to continue payments; temporarily closed doors (failed to open).
Newspaper Excerpt
The First National and Montana National banks failed to open this morning. A run is now in progress on the other banks of the city.
Source
newspapers
3. July 27, 1893 Suspension
Cause
Macro News
Cause Details
Bank temporarily suspended payments due to heavy drafts on deposits and inability to realize currency in the tight money market.
Newspaper Excerpt
We are compelled to suspend business under the stringency of the money market and from heavy drafts on deposits without being able to make a corresponding reduction of our loans.
Source
newspapers
4. August 2, 1893 Receivership
Source
historical_nic
5. August 2, 1893 Receivership
Newspaper Excerpt
Thomas A. Marlow was to-day appointed receiver of the Montana National bank at Helena.
Source
newspapers
6. September 16, 1893 Other
Newspaper Excerpt
Circular sent to depositors proposing certificates of deposit payable in five installments to enable resumption by Dec. 1; plan approved by comptroller of the currency.
Source
newspapers
7. December 11, 1893 Reopening
Newspaper Excerpt
The Montana National bank will open its doors for business... It will start with ... $350,000 in cash in its vaults... The Montana National bank... reopened Monday with $500,000 capital stock and cash to three times the amount of its demand liabilities.
Source
newspapers
8. December 11, 1893 Restored To Solvency
Source
historical_nic
9. February 23, 1901 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (23)

Article from Richmond Dispatch, July 28, 1893

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Western Bank Suspensions. (Bytelegraph to the Dispatch.) SEATTLE, WARH.. July 27.-A Spokane special says: The First National Bank suspended payment yesterday. The Spokane Savings Bank, connected with the First National, closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly, and there was no effect perceptible at any of the other banks. President Glover stated that the bank has only temporarily suspended and that all depositors will be paid in full. HELENA, MONT., July 27.-The First National and Montana National banks failed to open this morning, and a run 18 now in progress on the other banks of the city. LOUISVILLE. Ky., July 27.-The Farmers' Bank of Mt. Sterling, Ky., suspended payment this morning. MIDDLESBORO', KY., July 27.-The First National Bank of this place closed its doors this morning. A notice upon the door reads: "This bank closed by order of the directors. J. P. Sandiford, cashier." PORTAGE, WIS. July 27. - The City Bank closed its doors this evening. The suspension IS due to the condition of the money market. PORTLAND, ORE.. July 27. - The Portland National Bank and the Northwest Loan and Trust Company, of this city, suspended payment this afternoon.


Article from The Morning News, July 28, 1893

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TWO HELENA BANKS CLOSE. The Assets of Each Largely in Excess of Their Liabilities. Helena, Mont., July 27.-The First National and Montana National banks failed to open this mornings A run is in progress on the other banks of the city. The First National Bank has assets over $1,000,000 in excess of its liabilities. The Montana Bank has $850,000 in excess of its liabilities They simply could not get currency enough to meet the demands. The Merchants' National stood a three hour's run and then received in deposits more cash than had been withdrawn. There was no run on the other banks.


Article from The Yellowstone Journal, July 28, 1893

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The Helena Banks. From the Helena Herald of Thursday we clip the following account of the scenes attending the temporary closing of the First National. and Montana National banks: To-day was a blue day for Helena. For the first time in the history of the city there was a run on the banks. and two of the solidest financial institutions of the country, the First National and the Montana National banks. failed to open their doors for business this morning. As ten o'clock struck the following notices were simultaneonsly posted on the doors of the two first named banks: ON THE FIRST NATIONAL. "We are compelled to suspend business under the stringency of the money market and from heavy drafts on deposits without being able to make a corresponding reduction of our loans. Our assests are ample, but we cannot command the currency to continue payments. "By order of the Board of Directors. E. W. KNIGHT, Cashier."


Article from The Daily Morning Astorian, July 28, 1893

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BANKRUPT BREVITIES The American Tube and Iron com pany, with plants at Middletown, Pa., and Youngstown, Ohio, employing 20, 000 persons has gone into the hands of a receiver. The First National and Montana National banks the oldest and strongest in Helena failed yesterday. The other banks are standing the run well The First National Bank of Middle boro, Kentucky failed yesterday morn ing. The National Granite Bank of Exter, Newhampshire, temporarily suspended yesterday.


Article from Deseret Evening News, July 28, 1893

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BANK EXAMINERS. WASHINGTON, July 28. - Comptroller Eckles has placed the national banks that failed yesterday in the hands of bank examiners 68 follows: Examiner Weightman in charge of the Oregon National at Portland, Oregon; Flynn, Ellensburg National, of Ellensburg, Wash.; Wilson, First National of Helena, Montana; Lyman, Montana National, at Helena; Jennings, First National of Spokane, Wash. DENVER, July 28th.-The Denver Hardware Company has failed for 24 large amount. No statement. MT. STERLING, Ky,, July 28.-The Traders' Deposit bank has failed as a result of a run. The liabilities are $150,000; assets $890,000


Article from Morning Journal and Courier, July 28, 1893

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MONTANA BANKS CLOSED. A Run in Progress at Helena-Assignments of Business Men-Other Banks Fail to Open Their Doors. HELENA, Mon, July 27.-The First National and Montana National banks failed to open this morning. A run is now in progress on the other banks of the city. C. W. Cannon, a local dealer in real estate, assigned yesterday. He wasa large endorser on corporation paper, and stringency of the money market caused the assignment. The liabilities are $240,000; assets, $1,500,000. A M. Halper also made a personal as signment. He, too, was a heavy endorser of corporation paper. His liabilities are $600,000; assets, $1,000,000. The Halper Hardware company, of which he is president, is not affected by the assignment. MOUNT STERLING, Ky., July 27.-The new Farmers' bank here failed to open its doors this morning, owing to a heavy run during the past week. All depositors will be paid in full. The capital stock is $250,000, and the bank was supposed to be one of the strongest in Kentucky. EXETER, N. H., July 27.-The National Granite State bank temporarily suspended payment this morning. The institution is declared by officials to be perfectly sound, the present embarrassment having been caused by a drainage of the cash supply and delayed remittances from Boston. An immediate resumption of business is expected. PORTAGE, Wis., July 27.-The City bank closed its doors this morning. The suspension is due to the condition of the money market. PORTLAND, Ore., July 27.-The Oregon National bank and the Northwest Loan & Trust company of this city suspended this morning. George B. Markle is president of both institutions. The capital stock of the Oregon National is $200,000; surplus, g $40,000; average deposits $500,000. Capiy tal stock of the Northwest Loan & Trust company $250,000; surplus $25,000. Rev. O. D. Taylor, manager of the In8 terstate Investment company at The Dalles has been arrested on a charge of embezzlement. It is alleged that Taylor is short $50,000 in his accounts.


Article from The Helena Independent, July 29, 1893

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JOTTINGS ABOUT TOWN. Francis Lynoh satisfied A mortgage to J. D. Tietjen yesterday for $1,000. Alice, the 11 months old daughter of City Marshal W. H. McCann, died yesterday. M. Lyden filed a lien veaterday against the Montana club for $920.97 for lathing work. W.G. Schoppe will speak at the Congregational church Sunday evening on "The Sabbath Question, or How Moses Prevented Hard Times." A mortgage was filed with the county clerk yesterday by Winona Manheim et conjux, of Helena, to Edward Wagner, of Helena. for $1,700, on two lots, Northern Pacific addition. The Union Pacific has for free distribution a number of beautiful and useful folders covering every section of country reached by its lines and many portions it does not penes ate. There will be an informal reception at the Montana olub to-night. Members and their friends will undoubtedly avail themselves of the opportunity to inspect the Montana's new club house. The following lode locations have been filed with the county clerk: Montana, Stemple district, by Edward Boyer; Oro Primo. Mountain Queen and Sunset, on Wolf creek, by O. C. Mortson. To-morrow evening at St. Paul's church Rev. J. Wesley Hill will deliver a lecture on "Hard Times, Bank Failures, and the Folly of 'Runs' on Them." His prelude will be on "A Bird's Eye View of the World's Fair." The following transfers were filed with the county clerk yesterdav: Beroni Steele to Herman Krooll. lot 6, block F. Blake addition. $2,250; Salley Viley Bell of sonjux to Clara M. Pickett, lot 9, blook F. Blake addition, $6,500. E. T. Wilson, the national bank examiner, returned from Great Falls yesterday. Acting under instructions from the coin troller Mr. Wilson and A. W. Lyman took charge of the First National and the MonBANA National banks. The similarity of names has led some people to suppose that the Montana Savingo bank has suspended. It is the Montana National that is temporarily embarrassed; the Montana Savings bank is open and doing business at the old stand. H. Collins, manager for Ike Hayes, has returned from Great Falls, where he has ) been for three days trying to make a match 8 between Hayes and Carroll, "the soldier." They could not agree on the time. Carroll wants no least two months to train in. Hayes wants to fight in a month. A dispatch from South Bend. Ind.. last / night says William Swendeman. of Helena, 1 rode fine at the International Bicycle meet1 ing. but did not get first any time, being too heavily handicapped. In the five mile 1 race he had to give 400 yards. He rode the 8 first three miles in seven minutes and the a quarter in thirty-four seconds. Auderson s rode the mile race in 3:37 and got first place.


Article from The Anaconda Standard, August 3, 1893

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Receiver of the Montana National. WASHINGTON. Aug. 2-Thomas A. Marlow was to-day appointed receiver of the Montana National bank at Helena.


Article from Waterbury Evening Democrat, August 3, 1893

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Receivers For National Banks. WASHINGTON, Aug. 3.-The comptroller of the currency appointed receivers of national banks as follows: Jeremiah Mahoney, receiver of the First National bank of Ouray, Colo.: Thomas A. Marlow, receiver of the Montana National bank of Helena.


Article from St. Paul Daily Globe, August 3, 1893

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Receivers Appointed. WASHINGTON, Aug. 2.-The comptroller of the currency today appointed receivers of national banks as follows: Jeremiah Mahoney. for the First National Bank of Ouray, Col.; Thomas A. Marlow, for the Montana National Bank of Helena, Mont.


Article from The Weekly Tribune, August 4, 1893

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# GREAT FALLS regrets most profound- ly that misfortune has befallen some of the banks and business houses of Helena. The trouble comes from the folly and shortsightedness of depositors who withdrew their money at a time when the two banks of Helena that closed their doors yesterday could not realize by selling sheep, cattle, and other property which they hold as security for loans. There is no stronger or better bank in America than the First National, which undoubtedly has two dollars for every one for which it is liable. The same may may be said of the Montana National, the famous Broadwater bank. Both are institutions which have been managed in a very conservative way and there can be no doubt whatever of their ability to pay every dollar in due time. The same may be said of the firms that have assigned in Helena.


Article from Idaho County Free Press, August 4, 1893

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PORTLAND BANKS AFFECTED. The Oregon National and Northwest Loan & Trust Co. Fail. PORTLAND, Oregon, July 27.-The Oregon National bank and the Northwest Loan & Trust Company, an allied institution, failed to open their doors this morning. A notice posted on the doors says the suspension was forced by the withdrawal of deposits and an inability to realize on securities. The suspension caused but little excitement and there is no apparent increase in withdrawal of deposits in other banks. George B. Markle, president of both banks, says the cause of the suspension is fully set forth in the notice posted on the doors. While not able to give an exact statement he could state that depositors will be paid in full. The statement of the Oregon National, published July 12, shows the bank's assets to be eight hundred thousand dollars, deposits four hundred and fifty thousand, surplus fund forty thousand, undivided profits eleven thousand. The bank has a capital stock of two hundred thousand. The Northwest Loan & Trust Company has a capital stock of two hundred and fifty thousand. No statement is yet made of its assets and liabilities, which are mostly savings deposits. The chief creditor of the Oregon National is Multnomah county, the deposit of which amounts to about three hundred thousand dollars. The Oregon National also held some of the city money. Owing to the absence of the city treasurer the amount is not definitely ascertained, but it is thought it will reach twenty-five thousand at the least. The Northwest Loan & Trust Company made an assignment J. L. Hartman. The statement filed shows the assets to be eight hundred and sixtyfive thousand, and the liabilities about six hundred thousand. Two Banks in Helena. HELENA, Mont., July 27.-The First National and Montana National banks failed this morning. The other banks are standing the run well. The failed banks are among the oldest and strongest in the city. Both had ample assets, but could not realize fast enough. In a Receiver's Hands. HARRISBURG, Pa., July 27.-The American Tube and Iron Company, with plants at Middletown, Pa., and Youngstown, o., employing 2000 persons, has gone into the hands of a receiver. One in Kentucky. MIDDLESBORO, July 27.-The First National bank failed this morning. No statement of its assets and liabilities are given out. New York Stock Market. New YORK, July 27.-Stocks opened feverish, though some stocks received better support than of late. Temporarily Suspended. EXETER, N. H., July 27. -The National Granite State bank temporarily suspended this morning.


Article from The Weekly Tribune, August 4, 1893

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Stanford, is in the city. H. A. D'Achuel has purchased the drug store of H. M. Parchen of Helena. James Murdock and F.C. R. Lampen have received their final citizenship papers. James Lee and Ella M. Dennis, both of Armington, have received a marriage license. Wm. Mueller of Neihart has returned from a visit to the World's fair and is at the Park. A force of men was at work yesterday grading and relaying the sidewalk on Central avenue. Twenty-seven convicts will be discharged from the Deer Lodge penitentiary this month. Mrs. F. W. Webster and son Henry left yesterday to join the Phelps party in the mountains. The Galt Mining company has declared dividend No. 2, amounting to onehalf cent per share. M. S. Zortman has been appointed postmaster at Lloyd, Choteau county, vice W. T. Wilson, dead. The Great Northern has reduced the first-class limited fare from Butte to Chicago from $33.80 to 832. The McNamara Cattle company has just sold 145 steers at $3.50; 44 tailings at $2.90, and the heifers $3.10. Dan Cameron, a native of Canada, has filed his declaration of intention to become a citizen of the United States. The county commissioners have completed their labors as a board of equali zation and adjourned until August 14. E. S. McCord, a former attorney of this city, now of Fairhaven, Wash, is visiting his sister, Mrs. Geo. W. Taylor. E. B. Weirick of Helena. special bank examiner, is in the city and will make an examination of the affairs of the First National. Cards are out for the marriage, Aug. 9, of Dr. C. A. Tillotson of Stanford and Miss Alice C. Green of Benton. They will be at home at Stanford Sept. 1. The most recent arrivals from Great Falls reported registered at the Montana building at the world's fair are H. M. Wood, F. Armstrong, and N. B. McIntosh. The financial trouble in the Roman Catholic church in Butte will soon be settled, Mgr. Satolli having devised a plan for its settlement while he was in Butte. In the district court yesterday John Eschbach was found guilty of an assault with a deadly weapon. Eschbach is the man who shot at J. T. Scollard a few weeks ago. The trial of Dynos and Pitt was then begun. They are charged with burglary. H. F. Mortag has deeded to Mary J. Mortag for a consideration of $700 the southwest quarter of the north-ast, the west half of the southeast quarter, and the southeast quarter of the southwest quarter of section 30, township 17 north, range 1 east. Attorney General Haskell has been in town several days looking after the chances of recovering the state money that was on deposit in the Merchants National bank. Mr. Haskell says that this money must be paid, and there are good bonds to secure it. About 3 p. m. yesterday the smoke from the stack at the B. & M. works was caught in a whirlwind and carried high into the air, forming a tall column above the stack. The sight attracted the attention of many. The force of the wind at the stack was evidently greater than ever seen in Great Falls. Fifteen thousand dollars of the appropriation for the Montana exhibit at the World's fair is reported to have been on deposit in the suspended Montana National bank of Helena. The commissioners were depending upon this altogether to pay immediate debts and are greatly bothered to find means of paying pressing creditors. Had this been allowed to remain in the bank it was formerly in three days longer it would now be safe and all embarrassment would have been avoided. WEDNESDAY'S DAILY. The Shonkin round-up will begin Aug. 10. District court adjourned yesterday until September. Pat Ferry of Sand Coulee was in the city yesterday. J. N. Cutright was able to appear on the street yesterday. Mary A. Condon has been granted a divorce from Frank Condon. The Groat Northern has reduced the


Article from The Weekly Tribune, August 11, 1893

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Dr. Newman was able to sit outo for a short time yesterday. John Hobbins yesterday pleaded guilty to a charge of murder. Thomas A. Marlowe has been app ed receiver of the Montana Nati bank at Helena. Col. M. J. Leaming and family leave this morning for a month's sta the Highwood mountains. Policeman Voell has been susper in accordance with the order of council that expenses should be redu The city marshal has prepared hi port for the month of July. It sl that 125 arrests were made and that chain gang put in 145 days' work Park drive. J. W. McKnight of Dupuver has n an assignment to M. C. McFadyan. preferred creditors are Silverman I & Co. $1,097.30, G. R. Newell & Minneapolis, $947.50, and Hibbard, S cer & Bartlett, Chicago, $457.61. A man giving his name as Chris ler arrived in Helena Wednesday. claimed to be a newspaper man and that he was walking around the Ur States on a wager, having starte New Orleans to make the trip in and one-half years. He is leading life of a tramp, begging his meals clothes. Alderman Roberts and W. J. Wir had quite a battle with a prairie fir the vicinity of the Menage addition night. The ten new houses in cours construction there were in immit peril, as the flames were approac them rapidly when discovered. Fo nately there was not much wind, an dint of hard work the men succeede beating it out. A watchman was pl in charge for the night. In relation to the report that the ver smelter will soon increase the n ber of its employes, an officer of the pany said yesterday that at present 1 force numbered only 150 men, but considerable ore was now on hand they would probably soon start ano stack. A considerable quantity of ore is from the Coeur d'Alenes, 8 from the East Helena smelter, and teen cars from the Diamond R, Nev and Broadwater groups. If legisla be made that will prevent fluctuatic the price of silver the smelter will I its full capacity and employ 300 but at present can not employ more 150 men. SATURDAY'S DAILY. John Largent of Sun River is at Ulm. B. Percy Clark of Choteau is at Park. Born, to Mr. and Mrs. E. J. O'Co a daughter. Mr. and Mrs. Harry Oxley left ye day for Belt. John Renner has returned from Butte races. 1 D. J. Tallant returned yesterday a western visit. The Montana Herold will sus publication for a time. G. O. McFarland's father arrived terday from the east and will visi son for some time. John Sinclair has sold the stock fixtures of the Elk saloon to A Metzmeier for $950. Alex. Raw and wife have deeded Frank Lewis lots 31 and 32, bloc Armington, for $3,000. The Fergus county Argus has celebrated its tenth birthday. May y oungster live long and prosper. Wm. Thrussell, a native of G Britain, has declared his intentio becoming a citizen of the United St Lewis W. Tappan. Jr., has bro suit against Belle Barnes, Jas. Ba Jr., and W. E. Phillips to recover S on a mortgage. William Tierney, a member of 1 state house of representatives Meagher county, came down from hart yesterday and is at the Park. Massena Bullard. assignee of A Holter. has brought suit against Queen of the Hills Mining company C. P. Downing to recover $2,273.14. E. W. King brought some wheat his ranch on Sun river yesterday shows that notwithstanding the dro a good crop will be secured in tha cinity. Judge Benton yesterday sente Dynos and Pitts. convicted of stea bolts of silk from Strain Bros., an watch from Barron and Mayer, to t years imprisonment. E. L. Fitzsimmons, the well-kn representative of the Canda Cattle company went to Cut Bank yeste afternoon to load S xty car load Floweree cattle for Chicago.


Article from The Helena Independent, August 27, 1893

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NEW SUITS INSTITUTED. A Receiver After Money a Jury Gave the High School Contractors. Thomas A. Marlow. receiver of the Montana National bank, brought suit in the district court yesterday against S. F. Whalen and John S. Grant, the contractors for building the high school, and the trustees of Helene school district, to recover $12,410. It is alleged that the bank advanced the contractors money to carry on the work and took an assignment of 15 per cont of all that WAS due or to become due. The amount of money now claimed to be due is the $21,207.74 given the contractors by the verdict of the jury. The receiver asks that the bank's claim be made a first lien on this money. E. W. Knight, cashier, has brought three suite to enforce payment of notes negotinted at the First National bank. One is against J. F. Mau and P. M. Kessler for $300, on a note of sixty days given Nov. 12, 1892: another is for $510.50 against E. M. Hoyt, who indo sed a note of W. H. Guthrie May 20, 1892, for sixty days; and the third is against P. S. Nelson on a sixty days note for $454.50, dated April 14, 1890.


Article from The Helena Independent, September 14, 1893

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# IN THE COURTS. High School Judgment Paid in-The Chicken Thief's Case. Chairman Langhorne, of the board of education, yesterday paid into court $25,147.46, the amount of the judgment and interest in the Grant & Whalen case. The costs in the case amount to $734. As the case now stands the various creditors of Whalen & Grant, interested in the judgment, will have their claims adjudicated in court. R. A. Marlowe, as receiver of the Montana National bank, has entered suit, claiming that the assignment of Grant & Whalen of about $18,000 takes precedence over other claims. This is the first case to be settled. County Attorney Nolan yesterday filed an information against Ah Coon charging him with attempted burglary. Ah Coon is the Chinaman who was caught in the act of tearing the slats off a chicken house. In the suit of C. B. Nolan vs. Thos, Kent the latter's motion for a change of venue was denied.


Article from The Helena Independent, September 18, 1893

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e Plan Adopted by Denver and Other Cities to Be Carried Out. Balances Due Customers will Be Paid in Certificates Bearing Interest, in Five Equal Installments. Ever since the suspension of the Montana National bank there have been efforts made by Receiver Marlow and the officers to bring about a :esumption. There has been correspondence with the comptroller of currency, and the plans of the Denver, Spokane and other banks which have resumed have been carefully studied, and the proposition of the Montana National given below meets with the approval of the comptroller of the currency. It 3 now remains with the depositors to agree 1 to make it A success and enable the bank to i open 118 doors on or before Dec. 1. The oircular sent out to depositors on last Satur: day is 88 follows: Helena, Montana, Sept. 16. 1893.-To the s depositore of the Montana National bank ) of Helena, Montana: Owing to the unprecedented withd awal of deposits, and the impossibility of making collections during the ing and early summer, we were compelled to close our doors on July 27. To assist in making collections the bank was placed in the hands of a receiver on Angust 2, since which time, with collections already made and amount assured from the same source during the coming three months, we are satisfied, provided the depositors will ag 66 to extend the time for payme of their deposits, as per terms he emafter stated, that we can safely resome business by the first day of December, 1893. It is proposed to resume business without the borrowing of any money, and with no existing indebtedness except to depositors. With this in view, we ask your assent to accept from us in lieu of bal) ances due you. with accined interest to Aug. 1, 1893, certificates of deposit. bearing date and interest from Aug. 1, 1893, at the rate of SIX per cent per annum. payable in five equal installments of 20 per cent each. The first installment payable June 1, 1894; : the second installment payable Oct. 1. 1894; the third installment I ayable Feb. 1. 1895; the fourth installment payable June 1, 1895: f the fifth installment payable Oct. 1, 1895. . The bank reserving the right to call them t for payment at earlier dates, and also the : privilege of resuming prior to Dec. 1. If this meets with your views, please sign S the enclosed acceptance and mail to us at your earliest convenience, in enclosed onvelope. John T. Murphy, H. F. Galen, R R. C. Wallace, D. A. Cory, a E. B. Weirick, Robt. L. McCallob, r Herman Gans, C. W. Cannon, , A. L. Smith, t Committee of Directors. 1 We, the undersigned depositors, have HO1 copted above pro, osition, and recommend its acceptance by all depositors. e Nick Keealer, John B. Brondel, 8 Bald Butte Mining A. G. Clarke, Co. e John La son, Marysville, Wise & Goodkind, R Hugh McQuaid, R. O. Hickman, / Peter Larson, 7 John Winscott, E. C. Babcock, R. 8. Hale, I Gans & Klein, s C. M. Jeffries, M. Connors, F. E. Hoss, W. G. Bailey. t C. A. Molson,


Article from The Anaconda Standard, September 18, 1893

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MAY RESUME ON DECEMBER 1. The Montana National Bank Makes a Proposition to Depositors. Special Dispatch to the Standard HELENA, Sept. 17.-The Montana National bank. which suspended on July 26. last, is sending out circulars to depositors announcing that it will resume on or before December 1. next. The circulars are signed by a number of heavy depositors, who have agreed to take certificates bearing interest at 6 per cent. in place of their book accounts. The certificates are payable in five equal installments. the first on June 1, 1894, and the last on October 1, 1835. All depositors are requested to accede to these terms and it is believed they will. Comptroller Eckles has given the bank permission to open on these terms.


Article from The Helena Independent, September 18, 1893

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THE BANK WILL RESUME. The Montana National Bank of Helena will resume business if its depositors want it to resume. Such is the welcome announcement made in a circular letter addressed by a committee of the directors to the depositors, a copy of which appears in our news columns. The plan of resumption proposed is similar to that offered and accepted in Denver, Spokane and other cities. Virtually all that the directors ask as a condition precedent to reopening is that depositors will not rush in and withdraw their money as soon as business is resumed. In lieu of balances in ourrency the depositors are asked to accept certificates of deposit bearing interest at the rate of six per cent per annum in five equal installments of twenty per cent each. The first payment is to be made on June 1, 1894, and subsequent payments at intervals of four months. As depositors accepting this plan get SIX per cent interest on their money from the first day of August last until the certificate is called in, it will be seen that the offer is remarkably favorable. Every depositor will get dollar for dollar with accrued interest. What better terms could be asked for? Since the bank passed into the hands of Receiver Marlow so many of its debtors have come forward and met their obligations that the directors announce that if the receipts from this source continue to come in in the same ratio the doors of the bank can be opened on Dec. 1 without the necessity of borrowing a dollar for that purpose. It now remains for the depositors to say whether they want the bank to open on the conditions offered by the directors and approved by the comptroller. In Denver, Spokane, Omaha and other cities the depositors have quickly assented to such terms and have seen their banks open, business revive and new life imparted to those communities. We do not believe the citizens of Helena are one whit less considerate or less public-spirited. Already many of the heaviest depositors in the Montana National have signed their acceptance of the proposed plan of resumption. We haven't the slightest doubt that the rest will do so without delay. Surely, no depositor would withhold his assent when his refusal to sign would keep the doors of the bank closed.


Article from The New North-West, September 23, 1893

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The Montana National bank of Helena, which suspended on July 26 last, has sent out circulars to the depositors announcing that it will resume on or before December 1, next. The circulars are signed by a number of heavy depositors, who have agreed to take certificates bearing interest at 6 per cent, in place of their book accounts. The certificates are payable in five equal installments, the first ou June 1, 1894, and the last on October 1. 1895. All depositors are requested to acceed to these terms and it is believed they will. Comptroller Eekles has given the bank permission to open on these terms.


Article from The Weekly Tribune, December 8, 1893

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cided to confine him in for several days for further examination. n WEDNESDAY'S DAILY. e B The Choteau bank will pay its depose itors 50 per cent of the amount due them. B The difficulty between Andrew Jensen 5 and the Trades and Labor council has been amicable adjusted. Walter Black, a native of England yesterday declared his intention B to become a citizen of the United States. Judge Milligan of Milligan, one of the enterprising farmers of northern Montana, is in attendance at the farmers' meeting. The county commissioners were busy yesterday examining the quarterly reports of the clerk and recorder and clerk of the district court. A patent from the Uniten States to John H. Shepberd for the northwest quarter of section 9, township 18 north. range one east, was recorded yesterday. Mr. Aaron Hershfield. cashier of the Merchants' National bank of Helena. and Miss Della Hogan. cashier of the New York dry goods store in Helena. were quietly married in Chicago last week. The bride is a member of the Roman Catholic church and the bridegroom is prominent in the Hebrew congregation. The following suits were commenced in the district court yesterday: Edward O. Ferrell vs. the American Central Insurance company to recover $500 insur. ance; Cascade bank VS. George E. Ingersoll and Jean MacLaren Ingersoll, to foreclose mortgage for $982.50; Simon Anderson vs. James Hanks, appeal from justices' court. FROM THURSDAY'S DAILY. Robert Flynn came down from Cascade yesterday afternoon. Frank Goss. the plumber, went down to Havre yesterday on business. Jas. Austin and wife of Milligan, and F. Jenkinson of Box Elder, are at the Minneapolis house. Eight first-class tickets were sold yesterday for San Francisco over the Great Northern from Great Falls. Lawyer Brady, after an absence of two weeks attending court at White Sulphur Springs, returned yesterday. Mrs. M. J. Abrams who has been visiting her daughter, Mrs. H. Strain, for some time, left yesterday for Peimbria. N.D. There are 981 pupils attending the public schools of Great Falls. By the first of the year there will be 1,000 in attendance. The Montana National bank of Helena. after a suspension of severa. months, will open its doors to business at 10 o'clock on Monday morning. Dec. 11. G.C. Bower. the sheepman, and Alfred Park, both of Stanford, are in the city attending the farmers' convention and are stopping at the Minneapolis house. The public will be glad to learn that Capt. Jensen is again on deck and that The Boston Clothing house is open and doing a rushing business. See ad in another column. Assistant Roadmaster Black of the Montana Central died on Tuesday evening and yesterday the body was shipped to Devils Lake. for interment. Mrs. B. accompanied the remains. A patent was to James Haven for lot Sand the northeast quarter of the southwest quarter and the south half of the southwest quarter of section 25, township 21 north, range I east, was recorded vesterdav.


Article from The Helena Independent, December 10, 1893

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THE MONTANA NATIONAL The Old Favorite Will Open Its Doors for Business To-morrow Morning. At a Meeting Last Night the Reorganization of the Bank's Officers Was Completed. Thos. A. Marlow, President-Other Old Officers Retained and a Very Strong Directory Selected, To-morrow morning the Montana National bank will open its doors for business, with its affairs in such excellent condition as few banks in the country can claim. It will start with not a dollar of liabilities save what it owes its depositors, with $350,000 in cash in its vaults, about 45 per cent of its liabilities, and propared to meet every dollar of its demand liabilities It. will open with but one change in its official list. and with a directory second to none in the state in the business experience and finanoial ability of its members. It will not only be inherently as strong as it was du ing the presidency of Col. C. A. Broadwater. but it will have such resources back of it as make safe the prediction that when the flag goes up to-morrow it will go up to stay. Last night there was a meeting of the board of directors, at which Special Examiner Lyneh was present. The directors found that the comptroller's requirements as to the opening of the bank had been more than complied with, and the receiver. having submitted his report to this effect, it was nnanimously decided to resume basiness to-morrow morning. and the proper action transferring the institution from the hands of the receiver to the bank was taken. Then the matter of reorganization came up. John T. Murphy, the president, tondered his resignation, his private business being so great no to demand his entire atsention. It was necepted, the directors *Xpressing at the same time their obligations for the valuable services Mr. Mu phy had rendered the institution. Thos. A. Marlow was unanimously elected president, the other office $ being R. L McCulloh, vice. president, A. L. Smith, cashier. and E. B. Weirick, assistant cashier. Mr. Marlow, the president, is one of the young business men of the state, whose good work while acting as receiver of the bank had A good deal to do with its reopening. He bas been in business in Montana for a number of years and has a wide acquaintance both with the resources of the state and the men who are developing them. The other officers are well known to Montana National patrons, having been re-elected to their former positions. The future board of directo 9 will consist of John T. Murphy, R. L. McCulloh, T. A. Marlow, H. F. Galen, Herman Gans, R. C. Wallace, D. A. Cory, Nicholis Kessier. Peter Larson, all of Helena; Henry Brantnober, of San Francisco: A. H. Wi der, of St. Paul: C. J. AlcNamara. of Big Sandv, Mont.: R. E. Ford, of Great Fails, Mont.


Article from The Seattle Post-Intelligencer, December 12, 1893

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The Montana National bank, of Helena, which suspended last July, reopened Monday with $500,000 capital stock and cash to three times the amount of its demand liabilities.