Article Text
One National Bank in Montana Has Suspended HELENA, Mont., Dec. 11. - The First National Bank of Ferguson County, at Lewiston, Montana, failed to open its doors today. It is asserted the liabilities are nearly $1,000,000.
10118. First National Bank of Fergus County (Lewiston, MT)
Bank Information
- Episode Type
- Run → Suspension → Closure
- Bank Type
- national
- Bank ID
- 7274
- Charter Number
- 7274
- Start Date
- December 8, 1923
- Location
- Lewiston, Montana (46.464, -111.986)
Metadata
- Model
- gpt-5-mini
- Short Digest
35f8d51014d08fae
Response Measures
Full suspension, Books examined
Other: Bank promptly closed (suspended) and a receiver was appointed; subsequent actions included comptroller involvement, litigation over assets and eventual sale/dividend by the receiver.
Receivership Details
- Depositor recovery rate
- 50.1%
- Date receivership started
- 1924-04-12
- Date receivership terminated
- 1936-05-27
- OCC cause of failure
- Governance
- Share of assets assessed as good
- 31.9%
- Share of assets assessed as doubtful
- 50.0%
- Share of assets assessed as worthless
- 18.1%
Description
Contemporary articles report a heavy run by frightened depositors in early December 1923, the bank's failure to open (suspension) on/around Dec. 10, 1923, appointment of a receiver (F. D. Williams) and eventual liquidation/asset sale and dividend distributions. The bank did not resume as the same institution; assets were sold and litigation and receivership actions continued for years.
Events (7)
1.
May 27, 1904
Chartered
- Source
- historical_nic
2.
December 8, 1923
Run
- Cause
- Local Banks
- Cause Details
- Run triggered by news of failures of several small town state banks in Fergus County and spreading panic among depositors; article links run to failures of other local banks and general deflationary agricultural distress.
- Measures
- Bank closed its doors; notice posted that the bank had been closed by order of the board of directors; receiver later appointed.
- Newspaper Excerpt
- The first heavy withdrawals from the bank occurred Saturday ... a long line of depositors waited for the opening of the bank ... posted from the inside the notice to the effect that the bank had been closed
- Source
- newspapers
3.
December 10, 1923
Suspension
- Cause
- Local Banks
- Cause Details
- Suspension followed a run by frightened depositors and the failure of several small town state banks in Fergus County; liabilities reported very large (~$1,000,000 to over $3,000,000 in some reports).
- Newspaper Excerpt
- The First National Bank of Ferguson County, at Lewiston, Montana, failed to open its doors today.
- Source
- newspapers
4.
December 11, 1923
Receivership
- Newspaper Excerpt
- Plans have been under way with the receiver for several months ... F. D. Williams, receiver of the First National bank of Fergus county, Lewistown, to dividend to the bank's creditors that will approach $1,000,000; at the time of its closing two years ago the bank's liabilities exceeded $3,000,000.
- Source
- newspapers
5.
April 12, 1924
Receivership
- Source
- historical_nic
6.
December 1, 1924*
Other
- Newspaper Excerpt
- Judge Charles Pray authorizing the sale assets of the closed bank ... order authorizing the receiver to sell assets of the closed the newly organized National bank and short time afterward appeal ... the National Bank of Lewistown made offer to Williams, receiver the First National Bank Fergus County, some six ago fifty per cent the liabilities ... accepted by the receiver and the comptroller ... appeals followed (litigation over sale of assets).
- Source
- newspapers
7.
November 27, 1925
Other
- Newspaper Excerpt
- Judge Pray authorized F. D. Williams, receiver ... to dividend to the bank's creditors that will approach $1,000,000 ... Plans have been under way with the receiver for several months to pay a thirty per cent dividend ... final authority to pay the dividend will be announced by the comptroller of the currency.
- Source
- newspapers
Newspaper Articles (16)
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WIDESPREAD MISERY RESULT OF CRASH Special to Producers News. DON'T PITY THE Lewistown, Dec. 10.-The First NaPOOR FARMER! tional Bank of Fergus County, the largest banking concern in central and eastern Montana went to the wall These Raised Horses Instead of Pole last Menday morning as the result of Cats, and Sold Them for $1.07 Per a run last Saturday by a huge crowd Head. of frightened depositors, who made a mad rush to get their money upon the Forsyth.-Ranchers in the vicinity failure of several small town State of Rosebud who have been shipping banks in Fergus county during the range horses to eastern markets reweek, which banks are the property of port receiving very lew prices for the First National Bank of Lewis their stock. One man who shipped a county. carload of 29 horses to a Nebraska $300,000 CAPITAL market received a check for $31.03 The First National Bank of Fergus for the carload of $1.07 per head County has a capital stock of $300,net. Other shippers of smaller un000, and a surplus of $100,000: it has broken horses did not get enough for deposits in the sum of $5,000,000 and them to pay the freight. The only was the principal bank of deposit in local buyers for this class of horses Central Montana and was a discount are the hog feeders, who are paying bank for several smaller banks in around $2.00 per head. Fergus county, all of which have reThe demand for small horses is a cently failed. thing of the past and there are thousFIRST COPPER BANK TO FAIL ands of these worthless animals on The Lewistown Bank is the first the ranges in Rosebud county. Stockbank known in the state as a "Copmen and farmers are putting forth bank to fail, and is the largest every effort to dispose of them as banking institution in the state to they are consuming the feed that succumb in the impending financial could be utilized in the production of and economic wave that is engulfing more beef. wool and mutton. the nation. DEPOSITORS DISAPPOINTED The first heavy withdrawals from the bank occurred Saturday and the NELS MOE KNOCKS news of the condition of the bank spread after the bank closed. Saturday and all day Sunday and Monday OUT STEVE O'BRIEN morning a long line of depositors waited for the opening of the bank Coming Young Pug Floors Hug to withdraw their deposits, when one Irishman in Second Round-Figh of the employes appeared in the door Sensational While it Lasted. and posted from the inside the notice to the effect that the bank had been closed by orders of the Board of DiHoldfast Sask., Dec. 23.-Before à rectors. The crowd was excited, packed house at Holdfast, Sask., O some were crying, while others were Saturday night, December 8th, Nel cursing. Many lost the saving of a Moe knocked out Steve O'Brien in life time, and it is understood that the second round of a ten round sched the bank will never be able to pay ule. O'Brien took the county of eigh out but a small fraction of the dein the first round. The match wa posits, the bank having taken huge fast and furious while it lasted losses as a result of deflation and the O'Brien stands six feet six and weigh agricultural wreck of the past couple over 200 pounds and has a reach o of years the result of the deflation 82 inches while Moe stands 5 feet 1 policy of the Federal Reserve Bank. inches and weighs 174 pounds with BELDEN RUINED reach of 78 1/2 inches. It was a cas 0. W. Belden, prominent in bankof speed and science against size ing and financial circles of the state, weight and strength. reported as ruined, as is also, W. L. Johnson, president of the bank, who T. U. MEETING has been considered one of the leading bankers of the state for many years. The W. C. T. U. met in its regula Among the other officers of the monthly meeting at the 8th grad bank are Rep. T. T. Taylor of Ferbuilding Tusday evening at 8 o'clocl county, who did yoeman service Mrs. E. T. Mitchell, the Evangelisti the legislature last winter in beSuperintendent led the meeting. Ro of the banking fraternity. call was responded to by giving som OTHER BANKS FAIL current event concerning Prohibition On Tuesday, following the failure Miss Isabel Malcolm read an inter the Lewiston bank, the State Bank esting paper on "The Significance ( of Moore and the First National Bank the "C" in W. C. T. U. and Mrs. C. C of Moore both were closed as a result Christianson gave a well prepare of the wreck and State Bank of Ray in paper on "Prayer and Faith-the Ke eastern part of the county also closed. note of Success." Come to the All of these banks were closely allied o meetings every second Tuesday with the First National of Lewiston. each month that the forces of goo Practically all of the small town may be as weil organized and a.tiv as the forces of evil. (Continued on Page Four)
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COURT Judge Pray Sends Matter to the Appellate Court hearing petition prepared for closed First National bank of county, that bond stay increased during the pendency of appeal for recent order issued Judge Charles Pray authorizing the sale assets of the closed bank, will heard federal district court this morning before Judge Pray. Judge Pray recently signed an der authorizing the receiver to sell assets the closed the newly organized National bank and short time afterward pealed from the decision of the order the circuit court of San asking that the order aside. the meantime the comptroller currency increase the bonds, fixed at and is for this reason that hearing being held. Ford, Helena representing eral depositors objecting to the sale the bank's assets is Great Falls thought that he will object any order the bonds, Former Judge Cheadle arrived Great Falls Monday night to represent the Falls Tribune. Jan. Charles Pray in order issued in federal district court this morning, denied motion filed by the receiver for the First National Bank of Fergus County, asking increase in the bond in appeal from the order authorizing receiver to sell certain assets the bank new bank organized at Lewistown. The order authorizing the sale made by Judge Pray Dec. 1924 the appeal of objectors the allowed by the court three later. The cost bond fixed $500 and the supersedeas at Judge Pray held that the control well as the peal transferred to the higher the circuit court of appeals San where the appeal filed. The court the motion prejudice to the same the court of Falls Tribune. Forbes Comment In connection the above cision court President the First National Bank had the National Bank of Lewistown made offer to Williams, ceiver the First National Bank Fergus County, some six ago fifty per cent the liabili ties of the said First Bank Fergus payable per cash and the balance in four equal annual payments and take from the assets held by the receiver amount of notes face value certain properties at an appraised the amount of the liabilities assumed: all the remaining assets the hands of to be the hands of trustees for the benefit all depositors the First National Bank of Fergus County. This offer cepted by the receiver and the troller of and the proved States district Great Falls. the acceptance this offer have appealed the circuit court of the United States San Francisco for final decision. cannot said when this decision be but regardless what final decision may the National Bank of Lewistown here to stay and prepared to render efficient banking service people of this community. The National Bank of Lewistown, under the of its and cashier, and its board of directors, will duct safe, sound, useful bank makbut and vative loans that will be paid and times of cash and high grade
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NOTICE OF SHERIFF'S SALE. W. H Elmer plaintiff. Albert S. Francis and Jennie Francis his wife: The First National Bank of Fergus Countv. corporation. and F D Williams Receiver thereof William Samuel Jennings The National Bank of Moore, thereof Capital Trust and Savings Bank. a corporation Atwood Larson Company,a corporation. and Stephen Thelan. To defendants. he sold at Sheriff's sale on Saturday. the 14th day of February. A. D. 1925. at two o'glock n. na. of that day, at the front door of be Court House in the City of Lewistown. County of Fergus. State of Montara the following de scribed property. situated in Fergus The southw ouarter of the northwest quarter (SW% NW of section three (3); lot one (1) and the south half of the four (4): he southeast quarter (SEV) lots 'WO (2) and three (3) the southeast nearof section five (5). all in township thir teen (13) north. of range seventeen (17) the southerst ourster of the southwest quarter (SEM swy). and the south half section thirty two (32). in township four teen (14) north of sange seventeen 17) east of the Montana Meridian in Montana, ing the Government survey thereof: excenting from the aforesaid described property the following piece or pareel of land. Beginning at the southwest corres of (3). in township thirteen (13) north of or less Dated this 19th D day of January cry. Sheriff, attorney for plaintiff.
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BANK'S RECEIVER ASKS FOR HEAVY DAMAGES A vholly new phase of the litigation instituted by five depositors of the old First National Bank of Fergus County to prevent the sale of assets of that institution to the First National Bank of Lewistown. as petitioned for by Receiver F. D. Williams and approved by the comptroller of currency of the United States. developed at Great Falls Friday. It will be recalled that last March the petition of the receiver. as indicated. came on for hearing before Federal Judge C. N. Pray at Great Falls. Testimony was taken and the matter was argued at length. Judge Pray allowed the petition and ordered the sale of the assets as asked by the receiver. Before this order could be carried out the parties who opposed it car ried the matter up to the appellate court at San Francisco, where It was fully argued. Judge E. K. Cheadle representing the receiver and Wellington D. Rankin, former attorney general of Montana, the appellants. After being held under advisement for a time, the appellate court dismissed the appeal. However, before the order could be put into effect by the receiver. the appellants went before the San Franciseo court with a petition for a rehearing This was quickly decided by the appellate court. the petition being dismissed. This, in brief. outlined the course of the litigation up to last week. Receiver's Suit. In the action instituted by the reiver. these matters are dely re viewed and it is set out that when the appeal from Judge Prav's order was taken. the court ordered the proceedings stayed upon a supersedeas bond for $10,000 being filed. This bond was duly executed by the five appellants as principals and H. LeRoy Young. Axel R. Anderson and C. M. Humine as sureties, and was conditioned as is set out la the complaint. that if the principals failed to secure a reversal of the judgment and order. they would answer all damages and costs incurred and sustained by the receiver, in that capacity. to the ex tent of the bond Asks $10,000 Damages. In the action instituted last Friday. the receiver sets out that if the order had been carried when made. the ex ponses of the receivership would have been reduced to the extent of $6,000 and the appeal made it recessary for the receiver to incur expenses in the amount of $5,000: that these damages were directly and proximately caused by the delay occasioned by the appeal and the stay of proceedings. There fore. the receiver asks for judgment against the defendants in the sum of $10.000. together with his costs. Judge E. K. Cheadle is the attorney for the receiver. plaintiff in this action. Of the motor cars in the United States, 48 per cent are owned in communities having under 5,000 population and 65 per cent are in communities under 25,000 population.
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Judge Pray Orders Lewistown Bank Receiver to Pay Above Amount. By the Associated Press FALLS, Nov. Judge Charles N. Pray yesterday authorized F. D. Williams, receiver of the First National bank of Fergus county, Lewistown, to dividend to the bank's that mate $1,000,000. Final authority to pay the dividend and the exact amount will be announced by the comptroller of the currency. the court's order issued today being necessary preliminary to action by that official. Plans have been under way with the for several to pay 30 per cent dividend, but of that figure by the comptroller will be necessary before official ment made. At the time of its closing two years ago the bank's liabilities exceeded $3,000,000. Judge Pray's order provides for transfer by the bank to Fergus county and municipality of Lewistown certain real estate in lieu of their share of the cash dividend. The county's claim against the bank is $698,961. and the court authorizes the to transfer to the county nine parcels of real at total valuation of 30 per cent of the claim, in lieu of cash. The properties are listed as having total nominal value of $361,384. similar arrangement between the bank and city of Lewistown also is Instead of 30-per cent cash dividend on its claim of $72,000 the city will receive real estate valued in the court's order at $15,000. GIRL IN BOMB GANG. By the Nov. and girl were captured and man was thought to have killed early today scores ambushed gang just as they ploded which hardware store. McClellan. Columbus. Ohio. Fred Walmquiet and Joseph Aveng
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BANK AUTHORIZED TO PAY DIVIDEND GREAT FALLS, Mont.- Federal Judge Charles N. Pray has authorized F. D. Williams, receiver of the First National Bank of Fergus county, Lewistown, to distribute a dividend to the bank's creditors that will approach $1,000,000. Final authority to pay the dividend and the exact amount will be announced by the comptroller, the order issued being a necessary preliminary to action by that official. Plans have been under way with the receiver for several months to pay a thirty per cent dividend but approval of that figure by the comptroller will be necessary before announcement can be made. The bank's liabilities exceeded $3,000,000.
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CLASSIFIED ADVERTISEMENTSFARM LANDS FOR SALE CUT-OVER AND DEVELOPED LANDSto 25 miles N. E. Spokane; on paved highways: extra good soil; brooks; grows grain, vegetables, hay, fruits; sev. eral developed ranches; stock with adjoining free range: $6 to $20 per acre; 10 years. time: per cent interest: free lumber. Write for free book Edwards & Bradford Lumber Co., Elk, Washington. FOR SALE-312 acres in Western Lane County, Oregon. Suitable for cattle sheep. Forty acres in pasture; unlimited range. Small house, Price $1500. Mrs. Anna Dowell, Wickersham; Wash. FURS SILVER FOXES, Black Skunks sold Minks, Muskrats bought. Clarence Orser, N. D. HELP WANTED LADIES-Wa to money at home; profitable. Stamp partienlars. Lindner Company, Box 26, Station J. York. KNITTER OWNERS SAVE more money. Burns, Salem, Illinois. TEACHERS WANTED MIDWEST TEACHERS AGENCY teachers for good schools. Box 801, RUSSELL PICTURES CHRISTMAS GIFT Put the spirit into your Christgift. set twenty (20) of Chas. M. Russell's best paintings. full You get twenty of these pictures in all different, for $3. Set contains the fol lowing pictures: Roping Wolf. 9x11. Wound Up, 9x12 Rainy Morning in Cow Camp, 7x9 The Prospectors the Riders, 81/2x12 Chance Bust, 91/2x13 The Hold The Bronco, 81/2x12 The First Furrow, 8x12 Blackfeet Burning the Crow Buffalo Range, 9x12 Boss of the Trail Herd, 81/2x11 The Winter Packet, 6x11 than Bacon, 7x7 Smoke of Forty 7x9 Elk The Scouts, Lake 61/2x91/2 61/2x81/2 of the Plains, 71/2x93/2 The above set complete, only $8. B. G. Stevenson, 204 Blackstone Apartments, Great Falls, Montana. STATE BRIEFS In the Red Cross roll call conducted by the chapter from Armistlee Day until total of $1604.30 was raised in Great Falls. Representatives of four electric power companies have been former Fishbeck, with view purchasing the electric light system in Erection of community chapel will be started by the Great Falls West Side Methodist church as soon as the funds available. it has been announced by pastor, the Rev. H. Ricketts. Appointment of Longnecker J. Boyd, of the Great Falls police for three and terms, repectively, were rati fied meeting of the Great Falls city council. Mrs. Esther Crabtree Fort Shaw, died at Great Falls the other day from injuries received in which occurred near Fort Shaw Her husband was killed 10 years ago in race track accident. Forest Carter, formerly superintendent of Platt national Oklahoma, ar rived Glacier Park headquarters the other day to replace James P. Brooks, who resigned his position as assistant superintendent September Miss Eleanor Kurth Portland, Ore., has appointed supervisor of music in the Great Falls public schools to succeed Miss Lena M. Spoor, who resigned in October accept position Mary's Institute at St. Louis, Mo. A heavy flow gas has been struck in water being drilled on the ranch, the of the old of Lake. The first gas was feet and much stronger flow was reached at 160 feet. Members of the program committee for the Montana Women's have set the dates of the state convention to held Livingston, as Oct. 13, 14 and 15, 1926. The committee outlined the program as far as possible at this time. At meeting of the Libby Rod and Gun attended by 25 members, was de cided to assess the membership 50 cents each to provide funds with which to pay expences, the other funds having tied up by the bank suspension at Libby. The Peterson brothers, who are active the management of the Peterson Mer cantile company at Shelby announce that they are quitting business at Shelby that they may enter the same line on the new railway that is now being extended west from Scobey, and where they have other interests. made by the forest service of the appointment of Joseph M. Dixon of former of the state, as state chairman the American He forest committee for succeeds Kenneth who has held the position for years, but who has retired from the lumber industry. Bullets from the pistol of James B. Flynn. undersheriff. tore three tires from liquor-laden truck before fiveGreat Falls streets through ended race and the who turned the truck sharply the officers' car and escaped into an alley, abandoning 38 sacks of Canadian beer and sack of whisky Forty stands of bees have been lately imported into Phillips by bee enthusiasts in the vicinity of Malta. Schuster from Sher man of Fraser 40 stands, which have been resold as follows: Clarence Mis felt, 20; Jack Lange, four; Milton Fred John Survant, two; Ernest Chabot, one, and Mr. Schuster kept the remainder. Paragraph 27 of the will of the late Senator A. Slark of Butte, is null and void, inasmuch conflicts with code of 1921. So Judge of the district court in dismissing petition of and executrices the state for appointment of James M. McDonald New York in place of Mrs. Annie E. Clark, the widow, resigned. Payment of dividend that will approxito the creditors of the defunct First National bank of Fergus county, Lewistown, has been authorized in the Falls court by Judge Charles Pray. Final authority to pay the dividend and the exact amount will be an nounced by the comptroller of the currenthe court's order being necessary preliminary to action by that official. With the distant success which attended the first sponsored still fresh the Great Falls Advertising club has under way well organized program for the staging of an even greater show in 1926. Plans now being out by the rodeo are for rodeo that will with the Pendleton roundup and the Cheyenne Frontler day, which would mean that the greatest stars of the most famous outlaw rodeo arena horses in America would annually perform here. Want S3 for Potatoes. Many farmers of the Simms valley west of Great Falls holding their potatoes for $3 a hundred pounds, it was learned by R. E. Cameron, Cascade county, agricultural agent, in recent Offers of $2.85 are bringing no response, according to Mr. Cameron. Maude Howell has the distinction of being the only woman motion picture director in America.
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STATE BRIEFS In the Red Cross roll call conducted by the Cascade county chapter from Armistice Day until Thanksgiving, a total of $1604.30 was raised in Great Falls. Representatives of four electric power companies have been negotiating with former Senator Fishbeck, with a view of purchasing Plentywood. the electric light system in Erection of a community chapel will be started by the Great Falls West Side Methodist church as soon as the funds are available. it has been announced by the pastor, the Rev. H. B. Ricketts. Appointment of E. C. Longnecker and J. T. Boyd, as members of the Great Falls police commission for three and two-year terms, repectively, were unanimously ratified at a meeting of the Great Falls city council. Mrs. Esther Crabtree of Fort Shaw, died at Great Falls the other day from injuries received in a automobile accident, which occurred near Fort Shaw. Her husband was killed 10 years ago in a race track accident. Forest Carter, formerly superintendent of Platt national park of Oklahoma, arrived at Glacier Park headquarters the other day to replace James P. Brooks, who resigned his position as assistant superintendent September 1. «» Miss Eleanor Kurth of Portland, Ore., has been appointed supervisor of music in the Great Falls public schools to succeed Miss Lena M. Spoor, who resigned in October to accept a supervisory position at Mary's Institute at St. Louis, Mo. 3 (b) © A heavy flow of gas has been struck in a water well being drilled on the F. D. S. ranch. located virtually in the center of the old townsite of Medicine Lake. The first gas was found at 80 feet and a much stronger flow was reached at 160 feet. © © Members of the program committee for the Montana Federation of Women's clubs have set the dates of the state convention to be held in Livingston, as Oct. 13, 14 and 15, 1926. The committee outlined the program as far as possible at this time. D At a meeting of the Libby Rod and Gun club, attended by 25 members. it was decided to assess the membership 50 cents each to provide funds with which to pay expences, the organization's other funds having been tied up by the bank suspension at Libby. @ The Peterson brothers, who are active in the management of the Peterson Mercantile company at Shelby announce that they are quitting business at Shelby that they may enter the same line on the new railway that is now being extended west from Scobey, and where they have other interests. Announcement is made by the forest service of the appointment of Joseph M. Dixon of Missoula, former governor of the state, as state chairman of the American forest week committee for Montana. He succeeds Kenneth Ross, who has held the position for several years, but who has retired from the lumber industry. ® Bullets from the pistol of James B. O'Flynn, undersheriff. tore three tires from a liquor-laden truck before a fivemile race through Great Falls streets ended, and the driver, who turned the truck sharply blocked the officers' car and escaped into an alley, abandoning 38 sacks of Canadian beer and a sack of whisky. D Forty stands of bees have been lately imported into Phillips county by bee enthusiasts in the vicinity of Malta. B. F. Schuster recently purchased from Sherman McQueen of Fraser 40 stands, which have been resold as follows: Clarence Misfeit, 20; Jack Lange, four; Milton Porter, two; Fred Hall, one; John Survant, two; Ernest Chabot, one, and Mr. Schuster kept the remainder. Paragraph 27 of the will of the late Senator W. A. Slark of Butte, is null and void, inasmuch as it conflicts with the Montana code of 1921. So announced Judge J. J. Lynch of the district court in dismissing a petition of executors and executrices of the state for appointment of James M. McDonald of New York as executor in place of Mrs. Annie E. Clark, the widow, resigned. Payment of a dividend that will approximate $1,000,000 to the creditors of the defunct First National bank of Fergus county, Lewistown, has been authorized in the Great Falls federal court by Judge Charles N. Pray. Final authority to pay the dividend and the exact amount will be announced by the comptroller of the currency, the court's order being a necessary preliminary to action by that official. D With the distant success which attended the first rodeo sponsored, still a fresh memory, the Great Falls Advertising club has under way a well organized program for the staging of an even greater show in 1926. Plans now being worked out by the
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FOR E-MISCEL ANEOUS CHRISTMAS CARDS-21 beautiful assortcards with envelopes, prepaid E. Luedders, Coldwater, Mich "GENUINE Schonauer, Mauser rifles; pistols, carbines, magazines. holsters, ammunition. Gun Bluer $1.50. Revolvers $6. Shotguns $10. Guaranteed. Catalog 5c. Sequoia Importing Spear St., San Francisco. RECIPES for Milk Chocolate, Eating Chocolate and Almond Bar. Easy make at Milk Chocolate before the public. $1. Ro Gans. Pt. Marion. Box 838 1F YOU ANYTHING YOU WANT to sell or buy. write us and we will tell you how to get in touch with the do Write people you Box can 891, Great Falls, Mont. FURS SILVER FOXES, Black Skunks sold Minks, Muskrats bought. Clarence Orser Colgate. N. HELP WANTED LADIES-W to make money at home; pleasant, profitable. Stamp for partieu lars. Lindner Company, Box 26, Station York. KNITTER NERS SAVE more money. S. Burns, Salem, Illinois. RUSSELL PICTURES CHRISTMAS GIFT Put the Western spirit into your Christmas gift. Give set containing twenty (20) of Chas. M. Russell's You get twenty these in full color, all different, for $3. Set contains the following pictures: Roping 9x11. Wound Up. 9x12 Rainy Morning in Cow Camp, 7x9 Prospectors 81/2x12 Scattering the Riders, 81/2x12 Chance or Bust, 91/2x13 The Hold Up. 9x13 The Bucking Bronco, 81/2x12 First Furrew, 8x12 Blackfeet Burning the Crow Buffalo Range, 9x12 Boss of the Trail Herd. 81/2x11 The Winter Packet, 6x11 Better than Bacon, 7x7 7x9 The Scouts, Elk in Lake McDonald, 61/2x81/2 Women of the Plains, 71/2x91/2 The above set complete, only $3. B. G. 204 Blackstone Apartments, Great Falls, Montana. STATE BRIEFS In the Red Cross roll call conducted by FARM LANDS FOR SALE the Cascade county chapter from ArmisCUT-OVER AND DEVELOPED LANDS- tice Day until Thanksgiving. total of to 25 miles N. Spokane; on paved $1604.30 was raised in Great Falls. highwa extra good soil; spring brooks; grows grain, vegetables, hay, fruits; sev. Representatives of four electric power developed ranches; few stock ranches been negotiating with with adjoining free range; $6 to $20 per former Senator Fishbeck, with acre; years time; cent interest; the electric light system in purchasing free lumber. Write for book. Plentywood. Erection of community chapel will be FOR SALE-312 acres in Western Lane started by the Great Falls West Side County, Oregon. Suitable for cattle Methodist church as as the funds sheep. Forty acres in pasture; unlimited available. has been announced by the range. Small house, orehard, Price pastor, the H. B. Ricketts. Longnecker and Appointment members the Great Falls CITY PROPERTY police for three and two year FOR SALE-House and Malta, terms, repectively, were ratiMontana. Price $100.00 Theo. Hay worth, fied at a meeting of the Great Falls city Wyo. council. Mrs. Esther Crabtree Fort Shaw, died FOR QUICK SALE head pure bred at Great Falls the other day from injuries Rambouillett. Bucks. Ages to years. received automobile which $20.00 head. Address Hal B. Ives, occurred near Fort Shaw. Her husband Montana. was killed 10 years ago in a race track FOR SALE-One thoroughbred Holstein accident. Bull, months feed grinder, 8-in. burr. 32 boller tubes, 1-2 by Forest Carter, formerly superintendent inches. One inside boller tube cutter: of Platt national park of Oklahoma, ar3-4 inches. L. Martin, Ross rived Glacier Park headquarters the Mont. other day to replace James Brooks, who JERSEY Boars and Bred Sows resigned his position as assistant superinthat will your herd. Prices tendent September Darham, Laurel, Mont. Miss Eleanor Kurth of Portland, Ore. has been appointed supervisor music POULTRY PRODUCE WANTED in the Great Falls public resigned MR. you have fresh who Miss in ceed October accept supervisory position eggs offer get in with us. at Mary's Institute at St. Louis, Mo. trial shipment will convince you turkeys. that we most. Mellor Produce Butte, Mont. A heavy flow of gas has been struck in being drilled the D. POULRY WANTED the center IF YOU WANT best possible trices. ship the old townsite of Medicine Lake. The your first gas was found at 80 feet and much 1122-24 W St., Chicago, III. stronger flow was reached at 160 feet. Write for prices and tags. WILL BUY YOUR POULTRY and Eggs. Members of the committee for One or thousand. Gooch Poultry Co., the Montana Federation of Women's clubs Montana. have set the dates of the state convention WE ARE IN THE MARKET every day for to be held Livingston, as Oct. 13, live chickens, turkeys, ducks and geese and 15. 1926. The committee the Highest market prices paid according to program as far as possible at this time. quality on of arrival. Montana Meat and Commission Co., Butte Montana At meeting of the Libby Rod and Gun club, attended by 25 members was dePOULTRY FOR SALE cided to assess the membership 50 cents SELECTED S. TANCRI WHITE Leg- each to provide funds which to pay Cockerels, high producing expences other funds dames. horn State accredited flock. $7.50, $10.00 having tied up by the bank suspenand $15.00. Farm is run strictly on coultry sion at Libby. The Peterson brothers, who are active in the management the Peterson Mercantile company Shelby announce that they are quitting business at Shelby that they may enter the same line on the new railway that being west from Scobey, and where they have other interests. by the forest Announcement service of the appointment of Joseph M. Dixon of Missoula, former governor of the state, as state chairman of the American forest week committee for succeeds Ross, who has held the position for years. but who has retired from the lumber industry. Bullets from the pistol of James B. from liquor-laden truck before fiveGreat Falls streets mile race ended, and the turned the truck blocked the officers car and escaped into alley. abandoning 38 sacks of Canadian beer and sack of whisky. of bees have been lately Forty stands imported into Phillips county by bee thusiasts in the vicinity of Malta. B. Schuster recently from Sherman Fraser 40 stands, which have been resold as follows: Clarence MisJack Lauge, Milton 20; two: Fred John Survant, two: Ernest Chabot, one, and Mr. Schuster kept the remainder. Paragraph 27 of the will of the late Slark of Butte, is null and void, inasmuch conflicts the Montana code of 1921. So Judge Lynch of the district court in dis missing petition of executors and execu trices the state for appointment of James M. McDonald New executor in place of Mrs. Annie E. Clark, the widow, resigned. of dividend that will approximate the the funct First National bank of Fergus county, Lewistown, has been authorized in the Great Falls federal by Judge Charles N. Pray. Final authority to pay the dividend and the exact will be the of the curren the court's order being necessary preliminary to action by that official. With the distant success which attended still fresh the first rodeo the club has way well organized program for the staging of an even greater show in 1926. Plans being worked by the club's rodeo committee are for rodeo that will rank the and the Frontier day, which would mean that the greatest stars of the rodeo arena and the most famous outlaw horses in America would annually perform here. Want $3 for Potatoes. Many farmers of the Simms valley west of Great Falls are holding their potatoes for $3 a hundred pounds, it was learned by R. E. Cameron, Cascade county, agricultural agent, in recent survey. Offers of $2.85 are bringing no response, according to Mr. Cameron. Maude Howell has the distinction of being the only woman motion picture director in America. ASTROLOGER B. Crane, LaGrande, Ore., R. F. D., No. 2. Readings by mail.
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DEFUNCT BANK PAYS. LEWISTOWN.- - Two years after the First National Bank of Fergus County closed its doors, announcement is made that the receiver has on hands checks to pay its 3,200 depositors a dividend of 30 per cent, the total aggregating nearly $1,000,000.
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Great directors of the First National bank of Fergus county resolufrom the general assets of the bank in securIties acted illegally and fraudulently their sureties given to indemnify Fergus county city of Lewistown against loss deposits, and for the further that the directors had been informed by the comptroller of that the bank sound Williams receiver of bank has filed suit federal court against the bank's and The receiver asks for the return $200,000 of Fergus Securities pany capital stock, the equivaand for injunction restrainthe bank directors from disposof the stock in any other way. Suspends 1923. cited in the complaint that the bank suspended Dec. 10, 1923; 1923, indemnity $700,000 was executed to insure Fergus county's deposits in the directors sureties making themselves liable personally for amounts ranging from $10,000 that June 15, bond for $75,000 was executed behalf city of Lewistown. Further, is cited that on Oct. 13, 1923, the directors adopted resolution withdrawing from the general assets of the bank $755,000 securities to protect these deposits. The plaintiff alleges that at the time this was adopted assessment per cent on the capital stock of the bank, made by the /comptroller of currency to capital of the institution, been met, and that plans for reorganizing the finances the bank by personal contributions by the stockholders had failed. The asks the court declare this resolution null and void, contending that protected the sureties that the withdrawal the securities gave the county city preference over other accounts. Names Defendants. Following are the defendants in the action Johnson, Peter Osweiler, George Wiedeman, James liott, Martha Waite, Andrew Brown, Sherman, Lane, Sweitzer, Woodard, David Hilger, Austin Warr H. Otten Johnson, George Wiedeman, James Elliott, Andrew Fergus, Brown, Sherman, Lane, Sweitzer, WoodMcClave, Peter OswelBelden, Donald Waite, David Hilger, Austin Warr, Taylor rectors: Johnson, Peter weiler and George Wiedeman depositories, and Matson administrator of the estate of George M. Stone, deceased, who was stockholder. alleged that the securities, after by order the resplution, came into the hand of JohnWiedeman and Osweiler, who have turned over to the but the $200,000 in stock which suit seeks recover, and that they refuse to turn over this stock.
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RECEIVER STARTS SUIT TO RECOVER SECURITIES GREAT FALLS, July 7.-Alleg ing that the directors of the First GREAT FALLS, July 7, leging that the directors of the First National bank of Fergus county in a resolution withdrawing from the general assets of the bank $755.000 in securities acted illegally and fraud ulently in protecting their personal sureties given to idemnify Fergus county and the city of Lewistown against loss of deposits, and for the further reason that the directors had been informed by the comptroller of currency that the bank was in an unsound condition, F. D. Williams as receiver of the bank has filed suit in federal court here against the bank's stockholders and directors. The receiver asks for the return of $200,000 of Fergus Securities company captial stock, or the equivalent and for an injunction restraining the bank directors from disposing of the stock in any other way. It is cited in the complaint that the bank suspended December 10, 1923; that February 28. 1923 an idemnity bond for $700,000 was executed to insure Fergus county's deposits in the bank. the directors as sureties making themselves liable personally for amounts ranging from $10,000 to $80, 000; that June 15, 1923, a bond for $75,000 was executed in behalf of the city of Lewistown. Further, it is cited that on October 13, 1923, the directors adopted a resolution withdrawing from the general assets of the bank $755,000 in securities to protect these deposits. The plaintiff alleges that at the time this resolution was adopted an assessment of 78 per cent on the capital stock of the bank, made by the comptroller of currency to repair the capital of the institution, had not been met. and that plans for reorganizing the finances of the bank by personal contributions or payments by the stockholders had failed. The receiver asks the court to declare this resolution null and void. contending that it protected the sureties and that the withtdrawal of the securities gave the county and city accounts un. warranted preference over other accounts.
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RECEIVER SUES FOR SECURITIES ACTION is BROUGHT IN THE FED ERAL COURT AT GREAT FALLS BY F. D. WILLIAMS AS RECEIVER OLD BANK. GREAT FALLS, July 7. leging that the directors of the First National bank of Fergus county in a resolution withdrawing from the general assets of the bank $755,000 in securities acted illegally and fraudulently in protecting their personal sureties given to idemnify Fergus county and the city of Lewistown against loss of deposits, and for the further reason that the directors had been informed by the comptroller of currency that the bank was in an unsound condition, F. D. Williams as receiver of the bank has filed suit in federal court here against the bank's stockholders and directors The receiver asks for the return of $200.000 of Fergus Securities company captial stock, the equivalent, and for an injunction restraining the bank directors from disposing of the stock in any other way. It is cited in the complaint that the bank suspended December 10, 1923; that February 28, 1923 an idemnity bond for $700,000 was executed to insure Fergus county's deposits in the bank, the directors as sureties making themselves liable personally for amounts ranging from $10,000 to $80, 000; that June 15, 1923, bond for $75,000 was executed in behalf of the city of Lewistown. Further. it is cited that on October 13, 1923, the directors adopted a resolution withdrawing from the general assets of the bank $755,000 in securities to pro tect these deposits. The plaintiff alleges that at the time this resolution was adopted an assessment of 78 per cent on the capital stock of the bank, made by the comptroller of currency to repair the capital of the institution. had not been met, and that plans for reorganizing the finances of the bank by personal contributions or payments by the stockholders had failed. The receiver asks the court to declare this resolution null and void. contending that it protected the sureties and that the withtdrawal- of the securities gave the county and city accounts un warranted preference over other accounts.
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The first and only paper to put into print the remarkable and revealing letter of U. S Attorney-General Sargent concerning the actual status of the failed First National Bank of Fergus County, the Recorder herewith gives a promised second chapter of the monstrously sordid story: In the suit in the federal court at Great Falls Receiver Williams alleges that the directors of the bank, in a resolution withdrawing from the general assets of the bank $755,000 in securities, acted illegally and fraudently in protecting themselves as personal sureties given to indemnify Fergus county and the city of Lewistown against loss of deposits, and for the further reason that the directors of the bank had been informed by the conptroller of the currency that the bank was in an unsound condition. The receiver asks for the return of $200,000 of Fergus Securities company capital stock, or the equivalent, and for an injunction restraining the bank directors from disposing of the stock in any other way. It is cited in the complaint that the bank suspended December 10, 1923, that previously. on February 28, 1923, an indemnity bond for $700,000 was executed to insure Fergus county's deposits in the bank, the directors as sureties making themselves personally liable for amounta ranging from $10,000 to $80,000; that on June 15, 1923, a bond for $75,000 was executed in behalf of the city of Lewistown, to insure its deposits. Further, it is alleged that on October 13. the directors adopted a resolution withdrawing from the general assets of the bank $755,000 in securities to protect these deposits. (In plain terms, to protect themselves as bondsmen against themselves as bankers.) The receiver further alleges that at the time this resolution was adopted an assessment of 78 per cent on the capital stock of the bank, made by the comptroller of the currency to repair the capital of the institution. had not been met: and that plans for reorganizing the finances of the bank by personal contributions or payments by the stockholders, had failed. The receiver therefore asks the court to declare this resolution null and void, setting up that it protected the sureties, and that the withdrawal of the securities gave the county and city ac counts unwarranted preference over other accounts. (In other words, to despoil all the other depositors because THEY had no bond to protect them.) The following are the defendants in the action: W. J. Johnson. Peter J. Osweiler, George J. Weideman, James L. Elliott. Martha S. Waite, Andrew Fergus, H. C. Brown, T. C. Sherman. J. E. Lane. E. C. Sweitzer, J. E. Woodard, David Hilger. Austin R. Warr and H C. Otten as sureties. W. J Johnson, George J. Wiedeman, James B. Elliott, Andrew Fergus, H. C. Brown, T. C. Sherman, J. E. Lane, E. C. Sweitzer, J. E. Woodard, C. R. McClaye, Peter J. Osweiler, O. W. Belden, Donald S. Waite, David Hilger, Austin R. Warr, T. F. Taylor and J. L. Steinbrenner as directors. W. J. Johnson, Peter J. Osweiler and George J. Weideman as depositories, and E. K. Matson as administrator of the estate of George M. Stone, deceased, who was a stockholder. Finally, it is set up by the receiver that the securities, after being withdrawn from the bank, came into the hands of Johnson, Weideman and Osweiler, who have turned over to the receiver all but the $200,000 in stock, which the suit seeks to recover, and that they refuse to turn over this stock, Other Chapters. There will be other chapters in this amazing story of bank wrecking. Recorder readers will fino them of absorbing interest. They will not appear in any other newspaper. The way to cure public wrongs is to burn them out by turning on the purifying rays of pitiless publicitv.
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BANK RECEIVER AUTHORIZED MAKE SALES Sill, Receiver of First National Bank of Fergus County, Makes Sale SIII, receiver of the First National bank of Fergus county, today authorized Federal Judge Charles Pray to dispose of certain properties and notes held by the bank Six Lewistown, which were secured foreclosure, were authorized sold The mortgage on the lots secured promissory note executed Bertram and Effie Melchert on which balance of plus interest and attorney's fees was declared due Mr. Sill was authorized to accept settlement $25 on $100 note given by Cline, who is of advanced age and poor health Balance the note of Fleming. which was endorsed by Mrs. Theo cash settlement of was author ized accepted in settlement. Approximately acres of land owned by Mr Fleming are said to heavily cumbered, and it was said that he As receiver of the First National bank of Winifred Mr. Sill sold property Winifred for $2,000. Judge Pray today signed an order confirming the The settlements were approved by the comptroller of the currency.