11212. Bozeman National Bank (Bozeman, MT)

View Charter #2803 on SPMC

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: national
Bank ID: 2803
Charter Number: 2803
Start Date: July 19, 1893
Location: Bozeman, Montana (45.680, -111.039)

Metadata

Model: gpt-5-mini
Short Digest: 25f5412f

Response Measures

Full suspension, Books examined

Other: Receiver appointed and later bank reopened after creditors accepted terms.

Receivership Details

Date receivership started: 1893-07-22
Date receivership terminated: 1893-11-17
OCC cause of failure: Losses

Description

Bank posted notice July 19, 1893 closing due to steady withdrawal of deposits and the impossibility of making collections. Comptroller/receiver appointed July 22; receiver turned bank over and it reopened Nov 20, 1893. Cause attributed to the wider July 1893 financial stringency/panic (steady withdrawals), not a discrete misinformation event.

Events (8)

1. October 23, 1882 Chartered

Source: historical_nic

2. July 19, 1893 Run

Cause: Macro News
Cause Details: Steady withdrawals of deposits amid the July 1893 financial stringency/panic made collections impossible.
Measures: Posted notice on door closing bank; bank inspector in town; bank later suspended payments.
Newspaper Excerpt: Owing to the steady withdrawal of deposits and the impossibility of making collections we have thought it best to close the bank.
Source: newspapers

3. July 19, 1893 Suspension

Cause: Macro News
Cause Details: Closed because of steady withdrawals and inability to make collections during the nationwide financial stringency of July 1893.
Newspaper Excerpt: The following notice was posted on the door of the Bozeman National bank this morning: 'Owing to the steady withdrawal of deposits and the impossibility of making collections we have thought it best to close the bank.'
Source: newspapers

4. July 22, 1893 Receivership

Source: historical_nic

5. July 22, 1893 Receivership

Newspaper Excerpt: The controller of the currency has today appointed ... Mr. George B. Hoffman receiver of the Bozeman National Bank, Bozeman, Mont.
Source: newspapers

6. November 17, 1893 Restored To Solvency

Source: historical_nic

7. November 20, 1893 Reopening

Newspaper Excerpt: The Bozeman National bank will reopen for business Monday morning, November 20. To-day Receiver George B. Hoffman turned the bank over to the directors.
Source: newspapers

8. January 1, 1907 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (23)

1. July 19, 1893 Alexandria Gazette Alexandria, VA

Article from Alexandria Gazette, July 19, 1893

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TELEGRAPHIC BREVITIES. The farmers in central and northern Iowa are greatly excited over the appearance of a worm about an inch in length that is devastating the fields of seed timothy. The bark Alice Reed, from Cienfuegos, arrived at the Delaware Breakwater last night, Both mates had yellow fever on the passage. One died and was buried at sea. Steam yacht Oneida, with President Cleveland on board, left her anchorage off Jamestown, R. I., about 7:30 this morning and proceeded outside, presumabiy to the eastward and Gray Gables. Among the failures to-day were the State National Bank and the German National Bank of Denver, the Citizens' National Bank of Armourdale, Kansas, and the Bozeman National Bank of Bozeman, Montana. A dispatch from Tonawanda, N. Y., says that Mrs. Conrad Veilham has fallen heir to about $4,000,000. It seems that by the death of an uncle in India a fortune of $20,000,000 was left to be divided between five heirs. Te residence of John Ulrich at North Fairmount, O., was destroyed by fire this morning by the explosion of a gasoline stove. Mr. Ulrich was fatally burned, while his wife and five-yearold child were seriously injured. Rev. Edwin Benjamin Russell, the well-known rector of the American Chapel in Florence, Italy, has abandoned the Protestant Episcopal Church and has been received in the Roman Catholic Church by Archbishop Corrigan. Charles Eckman who was working on a boiler of the electricstreet railway at Omaha yesterday, started to crawl inside the boiler, when his assistant heard him scream. He found Eckman in the manhole, with his legs hanging ounside. Several men attempted to extricate the body, but received severe shocks. The body was burned to a crisp by the time the machinery was stopped. Judge Jenkins, of Milwaukee, Wis., will not resign from the bench of the United States Circuit Court in consequence of his indictment by the grand jury as a director of the Plankinton Bank. He has reached this decision since a conference with Chief Justice Fuller of the United States Supreme Court and his Circuit Court conferees. The chief justice will personally lay Judge Jenkins' case before President Cleveland. A horrible story of outrage reached Alton, III., yesterday afternoon. The crime happened on the Missouri shore opposite Alton. The victim is the wife of a fisherman and during his absence three men came to his home and choked his wife into insensibility. The neighborhood have organized a lynching party. Lopez Mumaugh, a worthless and dissolute cigar maker, shot and killed his divorced wife's sister, Miss Mary Winch, and then killed himself at Indianapolis, Ind, last evening. Mumaugh has always been cruel to his family and his wife secured a divorce last fall. The excursion train carrying the Sunday Schools of Bethany and Bethlehem Churches of Buffalo was wrecked at East Aurora last night. One man was fatally injured and twenty others, old and young, more or less seriously hurt. The remains of Anthony J. Drexel were consigned to the tomb at Philadelphia this morning with services as unostentatious CS was the life of the great banker and philanthropist. The Mobile Register Company has assigned. DDINISTRATOR'S NOTICE-Having A qualified as administrator of DANIEL PATTERSON, deceased, all persons having claims against the estate are hereby notified to to me, are present and all persons the same, immediate indebted duty settlement. to authenticated said estate required to make was SMITH City Sergeant

2. July 20, 1893 The Helena Independent Helena, MT

Article from The Helena Independent, July 20, 1893

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will not Affect the Other. Special to The Independent. BOZEMAN, July 19.-The following notice WAS posted on the door of the Bozeman National bank this morning: "Owing to the steady withdrawal of deposits and the impossibility of making collections we have thought it best to close the bank. It may be only temporary, and in any event there can be no possible loss to depositors." A bank inspector is in town and adjusting the bank affairs. The suspension caused little excitement but no run has been made on other banks. It is quite likely the bank will resume business as soon as outstanding paper can be realized on.

3. July 20, 1893 The Anaconda Standard Anaconda, MT

Article from The Anaconda Standard, July 20, 1893

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PEOPLE AND PLACES. GREEN BAY, Wis.. July 19.-Rear Admiral Melancton Smith, U.S.N., died today. aged 83. NEW YORK, July 19.-For the month of June the Northern Pacific earned $2,198,485, a decrease of $379,466. NEWPORT. R. I., July 19.-Steam yacht Oneida. with President Cleveland on board. left this morning, presumably for Gray Gables. WASHINGTON, July 19.-The gold reserve to-day recovered the ground it lost Monday and began its climb towards the 100,000,000 mark. WASHINGTON, July 19.--The comptroller of the currency is Informed of the failure of the Bozeman National bank of Boseman. Mont. NEW YORK, July 19. Four hundred and eighty-five thousand ounces of silver and 40,000 Mexican dollars will be shipped to Europe to-morrow. CHICAGO. July 19. The first national convention of watchmakers convened today. Only routine business was transacted and general officers will be elected to-morrow. PORTLAND, Ore., July 19.-The United States grand jury has returned, in all. 16 indictments against parties alleged to have been connected with smuggling opium and Chinese. No time is set for the trial. CHICAGO, July 19.-W. A. Brady, manager of James J. Corbett, filed a bill in the circuit court, asking all injunction restraining the world's fair management from prohibiting his show on Midway Plaisance. WASHINGTON. July 19. -The values of merchandise exported for the year ended June 30 was $847,423,000, against 1,030,228,000 for the previous year. The importa were $941,076,000, against $827,402,000 the previous year. WASHINGTON. July 19.-The number of pensiouers dropped from the rolls since March 4, 1893, is 245, and the total number of pensioners suspended since March 4, pending further investigation of their cases, is 509. NEW YORK, July 19.-The Farmers Loan & Trust company. as trustee, has brought suit against the D.G. Yuenling. jr., Brew ing company, to foreclose a mortgage of $1,500,000 given on the brewing property to secure bonds. SAN FRANCISCO, July 19. Vice President Stevenson and party arrived here this morning on the steamer from San Luis Obispo. Governor Markham, city officials and prominent citizens met the steamer at the entrance to the harbor. JACKSONVILLE, Fla., July 19.-The Australian ballot system was tried for the first time in the state in the municipal election here yesterday. It worked satis. factorily to all parties. The straight out democratic ticket was elected. WASHINGTON, July 19.-The funeral of Rear Admiral Earl English took place this afternoon from St. John's P. E. church. The interment was at Oak Hill cemetery. At the request of the family, a company of marines fired a volley of musketry over the grave.

4. July 20, 1893 Wheeling Register Wheeling, WV

Article from Wheeling Register, July 20, 1893

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CONCERNING BUSINESS AND FINANCE. MILWAUKEE, WIS., July 19.-A special dispatch received by the Sentinel late last night from Shell Lake, Mich., says that C. Probert and Edwin Probert, the Wisconsin bankers who operated banking institutions at Washburn, Ashland and Shell Lake, were arrested at Washburn yesterday, charged with having violated the banking laws, The three banks iu which the prisoners were interested failed recently, and an examination has shown, it is said, that all the institutions were in bad shape, and that deposits were received over their counters after it must have been known that they were insolvent. The Proberts, up to the time of the failures, always stood high in northern Wisconsin financial circles and the news of their arrest will cause a sensation throughout the state. Frederick T. Day, the president of the Plamkinton Bank in this city, which recently failed, was located in Flint, Mich., by Sheriff Dunn, of Milwaukee county, yesterday and the capias for his appearance to answer for the grand jury indictment recently rendered against him, served upon him. The banker is in a sanitarium at Flint and as his attending physicians have made an affidavit that to move him now would endanger his life, he will be allowed to remain there under a guard until his health is improved. CHICAGO, July 19.-Dickinson Bro. & King, dealers in Portland cement and building material went into the hands of a receiver to-day. Complainants say the firm has property valued at $260,000 in excess of liabilities. The pressure of the times is said to have made the business unprofitable and it should be wound up. WASHINGTON, D. C., July 19.-The Comptroller of the Currency has been advised that the Hutchinson National Bank, Hutchinson, Kansas, closed its doors this morning. NEW YORK, July 19.-Three judgments aggregating $10,399, against Erastus Wiman in favor of James M. Fitzgerald on three notes, were filed to-day. OKLAHOMA CITY, O. T., July 19.-The Bank of Oklahoma City and the Oklahoma National Bank closed their doors this afternoon. Statements are unobtainable now. WASHINGTON, D. C., July 19,-The mint bureau has succeeded in getting offers of silver at what it considers a fair market price-711/6 cents per ounce-while the gold reserve recovered the ground it lost Monday and again began its "cat in the well" climb toward the hundred million mark. The reserve to-day amounts to $98,387,709, against $97,672,852 yesterday. The currency balance to-day amounts to $25,324,713. TOPERA, KANSAS, July 19.-Information has been received at office of State Bank Commissioner of the failure of the State Bank of Parker, Linn county, and of the Woodson State Bank of Yates Centre, Woodson county. Both are small concerns. WASHINGTON, D.C., July -The Comptroller of the Currency is informed of the failure of the Bozeman National Bank, of Bozeman, Montana.

5. July 20, 1893 The Daily Morning Astorian Astoria, OR

Article from The Daily Morning Astorian, July 20, 1893

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CURRENT CURRENCY COMMENT A Regular Monkey and Parrot Time in Denver. SENATOR TELLER'S LATEST TALK A Nephew of Leland Stanford Turns up in Idaho-Married to Suit Himself. Associated Press. Denver, July 19.-The panic in this city was resumed this morning with renewed vigor, and as a result the Old German National bank, with a reputation for stability of twenty years' standing, the equally reputable State National, and extremely strong Peoples' National, failed this morning. All night depositors stood in line in front of the German National, and by 9 o'clock there was a long sea of faces stretching down the street. At the opposite corner, where the State National has so long done business, was also a crowd of anxious depositors, Here people were relieved of doubts, when at 9 o'clock a notice was posted on the doors that the bank would not open, owing to the lack of ready cash At the German National, just before opening time, a notice was posted on the (window stating that the doors would be closed temporarily. This notice caused a distressing scene. Men and women down the long line, broke out in tears and wailing. A run on all the remaining banks in the city was renewed. Reliable people, however, say there will be no more suspensions. Bank Examiner Adams this morning took charge of the Union National, Commercial National, National Bank of Commerce, State National andGerman National banks. A number of minor commercial concerns went under today, The run on the Denver National is over, with plenty of money still in sight. The same is true of the City and all the other unfailed banks. Business men are beginning to breath more freely. Washington, July 19.-The comptroller of Currency has been advised that the Hutchinson National Bank of Hutchinson, Kan., has failed. Topeka, Kan, July 19.-The state bank commissioner has been informed of the failure of the State Bank of Parker, and Woodson's State Bank, of Yates Center. Both were small concerns. Washington, July 19.-The comptroller of currency is informed of the failure of the Bozeman National Bank, of Bozeman, Mont. Brooklyn, July 19.-The large carpet house of Hardenburg & Co. has assigned.

6. July 20, 1893 New-York Tribune New York, NY

Article from New-York Tribune, July 20, 1893

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BANKS CONTINUE TO CLOSE. Hutchinson. Kan., July 19.-Owing to financial stringency, making it impossible to secure currency sufficient to meet its demands, the Hutchinson National Bank did not open its doors this morning, but posted notice of suspension of payment. The assets are $251,000, and the liabilities $131,000. The bank was in good condition and under ordinary pressure would not have experienced any difficulty. It is the first bank failure in the history of the city. There is no doubt that depositors will be paid in full. Topeka, Kan., July 19.-Information has been received at the office of the State Bank Commissioner of the failure of the State Bank of Parker. Linn County, and of the Woodson State Bank of Yates Centre, Woodson County. Both are small concerns. Washington. July 19.-The Controller of the Cur rency is informed of the failure of the Bozeman Na. tional Bank. of Boreman, Montana. Denver, July 19.-The J. B. Wheeling Banking Company. pioneer bank of Aspen, Col.: Bank of Sterling, Sterling. Col., and the Bank of Loveland, Col., have assigned. So statements of assets or liabilities have been issued. Oklahoma City, O. T., July 19.-The Pank of Ok lahoma City and the Oklahoma National Bank closed their doors this afternoon. There With a heavy run on the First National, but 11 withstood it all right. Statements are unobtainable now. Loveland. Col., July 19-The following notice was posted on the door of the Bank of Loveland just before noon to-day : Owing to the closing of our Denver correspondents we have decided to close our doors temporarily. Our assets are largely in excess of our liabilities. Every depositor will be paid in full. G. L. SMITH. Cashier. The principal correspondent of this bank In Denver was the German National Greeley, Col. July 19. The Union Bank closed Its doors in 1 p. m. to-day. and a half-hour later the Greeley National Bank pulled down its blinds and turned the key in its door. The Union's statement says that owing to the suspension of certain Denver National banks, which had on deposit several thousand dollars of Its money. and the fact that there was a steady withdrawal of deposits, about $80,000 in the last ninety days, they were compelled to suspend business. They say their liabilities are about $100. 000. with assets and paid-up capital of $300,000. As soon as the fact of the suspension of these banks became known. a steady run was made on the First National bat It continued to honor all checks and drafts. and even after the regular closing hour cashed two checks presented.

7. July 20, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, July 20, 1893

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FORCED TO THE WALL. Banks and Business Concerns Fail Under the Pressure. HUTCHINSON, Kans., July 19.-Owing to the financial stringency. the Hutchinson National Bank did not open its doors this morning. Assets, $251,000; liabilities, $131,000. There is no doubt but that the depositors will be paid in full. Other local banks are well fortified and no further trouble is anticipated. TOPEKA, Kans., July 19-The State Bank Commissioner is informed of the failure of the State Bank of Parker and Wood & Sons at Yates Center. Both are small. MOBILE, Ala., July 19. - The Daily Register, one of the oldest newspapers in the South, has made an assignment. The publication will be continued under authority of the court. WASHINGTON, July 19.-The Comptroller of the Currency is informed of the failure of the Bozeman National Bank of Bozeman, Mont. CHICAGO, July 19.-Dickinson Brothers & King, dealers in cement and building material, went into the hands of a receiver to-day, through the filing of a bill by stockholders in Brooklyn. It is claimed the firm has assets of $260,000 in excess of its liabilities, but the pressure of the times and sharp competition have made the business unprofitable, and the business should be wound up. It is claimed the creditors will be paid in full and a substantial balance left. BROOKLYN, July 19.-The large carpethouse of Hardenburg & Co. has assigned. OKLAHOMA CITY, July 19.-The Bank of Oklahoma City, which closed its doors to-day, is only temporarily embarrassed and will open to-morrow, giving certificates of deposit in lieu of cash, which the leading merchants of the city will accept as cash. The liabilities of the bank are $95,000 and the assets $170,000. The Oklahoma National Bank also closed its doors. President Stiles says the assets are abundant and can be utilized a/most immediately. The First National has withstood a steady withdrawal for thirty days, culminating in a free run this afternoon. All checks were paid as fast as three tellers could count the money, and President Richardson announced that they would keep open until midnight, adding that the crowd might hang him if any depositor lost a dollar. DETROIT, July 19.-A Free Press special from Negaunee, Mich., says: Judge Burke of the Cleveland (Or.) commission firm of Corrigan, Ives & Co., now in the hands of a receiver, claims that Ferdinana Schlesinger owes the firm $270,000. which Schlesinger says is $70,000 ab ve the real figures. Burke also says the Buffalo Mining Company owes them $2,000,000. This, also, is alleged to be erroneous. Representatives of the creditors will confer with Schlesinger at Milwaukee to-morrow. NEW YORK, July 19.-The Farmers' Loan and Trust Company, as trustee, has brought suit against the D. G. Yuengling Jr. Brewery Company to foreclose a mortgage of $1,500,000 given on the brewery property to secure bonds. A lis pendens was to-day filed against the property.

8. July 20, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, July 20, 1893

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TELEGRAPHIC BREVITIES. At Brooklyn the large carpet house of Bardenberg & Co., assigned yesterday. Judgments aggregating over $10,000 were filed against Erastus Wiman in New York, on notes, yesterday. The comptroller of the currency is informed of the failure of the Bozeman National bank of Bozeman, Mon. The Bank of Oklahoma city and the Oklahoma National bank have failed. The First National stood a heavy run. Four hundred andeighty-five thousand ounces of silver and 40,000 Mexican dollars will be shipped to Europe today. The steam yacht Oneida, with President Cleveland on board, left Newport yesterday morning, presumably for Gray Gables. The comptroller of the currency has been advised that the Hutchinson National bank of Hutchinson, Kan., has failed. The Kansas state bank commissioner is informed of the failure of the State bank of Parker, and Wood & Sons' State bank of Yates Center. Both are small. Charles Miller, a letter carrier at Mattoon, Ill., fired five shots at Laura Mack who had thrown him over, severely wounding her, and then killed himself. The J. B. Wheeler Banking company, the pioneer bank of Aspen, Colo,, the Bank of Sterling at Sterling, Colo., and the Bank of Loveland at Lovel and, Colo. have assigned.

9. July 22, 1893 Evening Star Washington, DC

Article from Evening Star, July 22, 1893

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Bank Receivers Appointed. The controller of the currency has today appointed Mr. William A. Rice receiver of the Puget Sound National Bank of Everett, Wash., and Mr. George B. Hoffman receiver of the Bozeman National Bank, Bozeman, Mont.

10. July 23, 1893 The Herald Los Angeles, CA

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NATIONAL BANK FAILURES, Two Hundred Since the First of January. Five of Them Were United States Depositories. The National Bank of Kentucky Closes Its Doors. Several More Collapses in Mllwaukee. Business Failures Throughont the Country-Financlal Gossip. By the Associated Press. WASHINGTON, July 22.-Since the 1st of January 200 national banks have closed their doors, against less than 50 for the same period last year. Of the failures this year, five have been United States depositories, as follows: First National bank of Little Rock, Ark. ; Gate City National bank of Atlanta, Ga. ; People'a National bank of Denver, Colo. German National bank of Denver, Colo. Kentucky National bank of Louieville, Ky. This latter bank, which closed its doors today, had by the last report received $330,000 of United States funds. The government, however, will not lose anything by these failures, as each national bank that is a government depository has to deposit United States bonds to the amount of the government money it is allowed to carry. In addition to the heavy failure of the government depository at Louisville, three other failures of national banks were reported to Comptroller Eckels this morning-the State and First National banks of Kernon, Texas, capital $100,000 and $80,000 respectively, and the State National bank of Knoxville, Tenn., capital $100,000, all email institutions. The deposits in each are in the neighborhood of $100,000. The comptroller has appointed William A. Rice receiver of the Puget Sound National bank of Everett, Wash., and George Hoffman receiver of the Bozeman National bank of Bozeman, Mont.

11. July 23, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, July 23, 1893

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LONDON FIGURES. Carlisle Says They Must Rule. HE SUSTAINS MR. PRESTON. Over Two Hundred National Banks Have Failed Since the Beginning of the Year. Special to THE MORNING CALL. WASHINGTON, July 22.-Secretary Carlisle this morning authorized the Associated Press to state that he fully approves of the policy pursued in his absence by acting Mint Director Preston in purchasing silver, and that the same poitey will govern silver purchases in the immediate future. This statement will set at rest rumors that the Secretary would on his return reverse the policy of the treasury in purchasing silver. Preston was intrusted by Secretary Carlisle with rentirediscretion in purchasing silver when he left on his vacation. This morning with the approval of Secretary Carlisle he refused to purchase 100,000 ounces of silver at 70 cents, the London price being about 691/2 cents. This lot was part of a lot offered yesterday at 73 cents and was declined and counter offer made of 71 1/2 cents, which the holder refused to accept. This morning he offered as stated 100.000 ounces at 70 cents, but Preston informed the offerer that he only purchased silver on silver days-Mondays, Wednesdays and Fridays. The total silver purchased 80 far this month is about 1,800,000 ounces, besides some local purchases which may bring the total up to 2,000,000 ounces. It is not expected the total of 4,500,000 ounces will be purchased this month, but this does not worry the treasury officials, as Secretary Carlisle holds with Preston that the law does not require the treasury to purchase that amount in case it is not offered within the market price. Since the 1st of January nearly 200 national banks have closed their doors against less than 50 during the same period last year: five have been United States depositories, as follows: First National Bank of Little Rock, Ark.: Gate City National Bank of Atlanta, Ga.; People's National bank of Denver, Colo.: German National Bank of Denver, Colo.; Kentucky National Bank of Louisville, Ky. This latter bank, which closed its doors to-day, had, by the last report, received $320,000 of United States funds. The Government, however, will not lose anything by these failures, as each national bank that Is a Government depository has to deposit United States bonds to the amount of Government money it is allowed to carry. In addition to the heavy failure of the Government Depositors' Bank at Louisville, three other failures of national banks were reported to Comptroller Eckels this morning. The failed banks are: The State and First National banks of Vernon, Tex., capital.$100,000 and $80,000. respectively. and the State National Bank of Knoxville, Tenn.. capital $100,000. All are small institutions, the deposits in each being in the neighborhood of $100,000. The Comptroller appointed William A. Rice receiver of the Puget Sound National Bank at Everett, Wash., and George Hoffman receiver of the Bozeman National Bank at Bozeman, Mont.

12. July 23, 1893 The Sun New York, NY

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Western Banks that Are Closed. GREELEY. Col., July 22-The Union Bank made an assignment yesterday morning to James F. Benedict of Denver. It is thought this step was voluntarily taken to avoid the contingency that might arise should some creditors take advantage of the attachment law. The bank is perfectly solvent and not a depositor will lose a dollar. TACOMA. Wash., July 22.-A. G. Foster was appointed receiver of the Traders' Bank yea. terday. President Fitch states that the assets will pay all the obligations and leave a large surplus. Henry A. Strong of Rochester. N. 1.0 and John D. Rockefeller were the largess stockholders. It is expected that the bank will resume soon. TOPEKA. Kan., July 22.-The First National Bank of Anthony closed its doors yesterday and posted up notice of assignment. Its ase sets are $154, 000 and liabilities $50,000. RUSSELL. Kan., July 22.-The First National Bank of this place closed this afternoon. and was taken possession of by C. M. Sawyer on order of the Comptroller of the Currency. No statement is made. WASHINGTON. July 22.-The Comptroller has appointed William A. Rice receiver of the Puget Sound National Bank of Everett. Wash., and Mr. George 8. Hoffmann receiver of the Bozeman National Bank. Bozeman. Mont.

13. July 23, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, July 23, 1893

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Texas Banks Collapse. WASHINGTON, July 22.-In addition to the heavy failure of government depositors at Louisville three other failures of national banks were reported to Comptroller Eckels this morning. The State and First National banks of Vernon, Texas, capital $100,000, assets $80,000, respectively. The comptroller has appointed William A. Rice receiver of the Puget Sound National bank at Everett, William and George Hoffman receivers of the Bozeman National, Bozeman, Montana.

14. July 26, 1893 The Star Reynoldsville, PA

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. ADA, O.-The Citizens' Bank the most prominent in Hardin county, has failed. MADISON, IND.-The Carrollton Woolen Mill Co., has assigned with liabilities of $7.000. The Nashville, Chattanooga and St. Louis Railway Company has declared a dividend of 11 per cent., payable August 1. The McNamara Dry Goods Company, of Chicago has suspended, It was among the largest houses of its kind in the West. POMONA, CAL-The People's Bank has re. opened with plenty of coin. Only 84 were drawn out the first hour, Deposits were liberal. PARKER, KAN.-The State Bank has failed. STERLIN, COL-The Bank of Sterlin has assigned. BOZEMAN, MONT-The Bozeman National Bank has closed. YATES CENTER, KAN.-The Woodson State Bank has'suspended. HUTCHINSON, KAS.-The Hutchinson National Bank has closed its doors. ASPEN, CoL-The J. B. Wheeler Banking Company and the Pioneer Bank have failed OKLAHOMA CiTY-The Bank of Oklahoma City and the Oklahoma National Bank have succumbed to runs and failed. FORT SCOTT, KAN.-The First National Bank the oldest financial institution in Southeastern Kansas suspended payment. ASHLAND, Kr.-The Second National Bank which suspended three weeks ago. resumed business Thursday. CHICAGO.-The Chemical National bank will not resume business. The reasons given are the stringency of the money marketand the inability of some stockholders to meet the assessments which would be levied upon them if the bank resumed. KANSAS CITY, KAN.-The Citizens bank, the Bank of Richmond and the Farmers and Merchants bank at Ossawattomie, also of Kansas, all private institutions, closed their doors. HARRISONVILLE, Mo.-The First National Bank of Harrisonville, suspended payment and is in the hands of the Comptroller of the Currency, NASHUA, N. H.-The Security Trust Company closed its doors. It promises to pay depositors in full. ANTHONY, KAs.-The First National Bank and the First National Bank of Canso City, Col., have suspended. THE Bank of Bellville, Republic county, Kan., a private institution with $20,000 capital, has failed. NATIONAL bank examiners have recommended to the Comptroller that the First National Ban of San Bernardino, Cal., which recently failed, be allowed to reopen at once, its affairs being in good condition. NEW YORK-Charles M. Preston, state bank examiner, reports the banks of this state to be in a good condition. generally and be anticipates no failures,

15. July 27, 1893 The Middleburgh Post Middleburg, PA

Article from The Middleburgh Post, July 27, 1893

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Financial and Commercial. ADA, O.-The Citizens' Bank the most prominent in Hardin county, has failed. MADISON. Isp.-The Carrollton Woolen Mill Co., has assigned with liabilities of $7.000. The Nashville, Chattanooga and St. Louis Railway Company has declared a dividend of 14 per cent., payable August 1. The McNamara Dry Goods Company, of Chicago has suspended. It was among the largest houses of its kind in the West. POMONA, CAL-The People's Bank has re. opened with plenty of coin. Only #4 were drawn out the first hour, Deposits were liberal. PARKER, KAN.-The State Bank has failed. STERLIN, CoL-The Bank of Sterlin has assigned. BUZEMAN, Mosr -The Bozeman National Bank has closed. YATES CENTER, KAN.-The Woodson State Bank has'suspended. HUTCHINSON, KAN.-The Hutchinson National Bank has closed its doors. ASPEN. CoL-The J. B. Wheeler Banking Company and the Pioneer Bank have failed OKLAHOMA City-The Bank of Oklahoma City and the Oklahoma National Bank have succumbed to runs and failed. FORT SCOTT, KAN.-The First National Bank the oldest financial institution in Southeastern Kansas suspended payment. ASHLAND, KY.-The Second National Bank which suspended three weeks ago. resumed business Thursday. CHICAGO.-The Chemical National bank will not resume business. The reasons given are the stringency of the money marketand the inability of some stockholders to meet the assessments which would be levied up. on them if the bank resumed. KANSAS CITY, KAN.-The Citizens bank, the Bank of Richmond and the Farmers and Merchants bank at Ossawattomie, also of Kansas, all private institutions, closed their doors. HAREISONVILLE, Mo.-The First National Bank of Harrisonville, suspended payment and is in the hands of the Comptroller of the Currency, NASHUA, N. H.-The Security Trust Comrany closed its doors. It promises to pay depositors in full. ANTHONY. KAS.-The First National Bank and the First National Bank of Calago City, Col., have suspended. THE Bank of Bellville, Republic county, Kan., a private institution with $20,000 capital, has failed. NATIONAL bank examiners have recommended to the Comptroller that the First National Ban 1 of San Bernardino, Cal., which recently failed. be allowed to reopen at once, its affairs being in good condition. New YORK-Charles M. Preston, state bank examiner, reports the banks of this state to be in a good condition generally and be anticipates no failures.

16. November 18, 1893 The Anaconda Standard Anaconda, MT

Article from The Anaconda Standard, November 18, 1893

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will Resume Monday Morning. Special Dispatch to the Standard. BOZEMAN, Nov. 17.-The Bozeman National bank will reopen for business Monday morning. November 20. To-day Receiver George B. Hoffman turned the bank over to the directors. Its affairs are reported to be in excellent shape for so sumption.

17. October 1, 1897 Daily Kennebec Journal Augusta, ME

Article from Daily Kennebec Journal, October 1, 1897

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A Comparison That Tells the Story. A comparison has been made, compiled from reliable statistics which no one can question, between the operation of the Wilson law during its first sixty days and the Dingley law for the same period. The period in 1893 marked the beginning of the Democratic attack upon protection and in 1897 its restoration. SIXTY DAYS UNDER THE WILSON LAW. The following data, gathered largely from official reports, presents a picture of the sixty-day period of the year 1893 with which the two months just ended correspond both as to the portion of the year and the period of the presidential administration, and also proximity to the tariff legislation. WEEK ENDING JULY 24, 1893. Failure of Bozeman, Mont., National Bank. Four Denver banks closed their doors. Bank suspensions in other western cities. Two other bank failures in Milwaukee and runs on numerous other banks. Commercial bank of Denver fails, capital $250,000. Bank failures at Vernon, Texas, and Knoxville, Tenn., capital $200,000. Failure of Tacoma, Wash., National Bank. capital $200,000. Failures of banks at Great Falls, Mont., and Orlando, Fla., capital $200,000. Suspension of work in manufactories reported from all sections. WEEK ENDING AUG. 1, 1893. National banks at Manchester, N. H., and Indianapolis, fail, capital $500,000. Failure of First National Bank at Spokane, Wash., capital $250,000. Ten banks suspend in one day (July 27), capital $2,000,000. Bank failures in South Dakota, Montana, Illinois. Kansas, Texas, Washington. New Hampshire, and correspondingly large numbers of business suspensions. WEEK ENDING AUG. 8, 1893. Collapse of Chicago provision deal and many failures of commission houses. Failure of National Bank of El Paso, Texas. Failure of National Bank, of San Antonio. Texas. Failure of National Bank of Muncie, Ind. Fifty-third Congress meets in special session to begin its destruction of the McKinley law. WEEK ENDING AUG. 28, 1893. Encounter between anarchists and soclalists averted by New York police. Meeting of anarchists broken up by New York police. Failure of National Bank of Hindman, Pa. Failure of National Bank of Tacoma, Wash. Suspension of manufacturing establishments in numerous states. Announcement by the comptroller of the currency that 155 national banks and 560 private banks had failed during the year ending Aug. 28. Railroad receivers appointed during August for Northern Pacific, Philadelphia and Reading, New England and Pittsburg, Akron and Western railways. SEPTEMBER. Railroad receivers appointed for Wisconsin Central. Chicago, Peoria and St. Louis, Cleveland, Canton and Southern and Evansville and Terre Haute Railroads. The mileage of roads placed in the hands of receivers during the year 1893 was 25,375, nearly one-seventh of all the lines in the United States, and their indebtedness $1,212,217,033. During the year there were 16,115 mercantile suspensions, involving liabilities amounting to $346,779,889. During the bank suspensions of July loans were made on call at the New York Stock Exchange as high as 72 per cent. The number of minor business failures owing to bank suspensions and to inability to make collections has not been tabulated, but reaches into the hundreds. SIXTY DAYS UNDER THE DINGLEY LAW. WEEK ENDING JULY 24, 1897. From Bradstreet's Financial Journal: Twenty thousand workmen resume work in the iron and steel industries.

18. October 11, 1897 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, October 11, 1897

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yond the shadow of a doubt that McKinley tariff law had something to do with the inauguration of the great financial panic beginning in 1893. The fact that the Chicago Times-Herald is the staunchest advocate of a high protective tariff, and the added fact that the relations between its editor, Mr. Kohlsaat, and President McKinley are such that the Times-Herald is looked upon as the president's personal organ, makes this showing all the more unexpected and remarkable. The mere fact that the was mixed in its dates, charging the Wilson law with being the cause of things that transpired before the Wilson law was introduced in congress. does not break the force of that organ's arraignment of the McKinley law. The Times-Herald has apologized for its blunder. but the awful record of business failure and industrial depression under the McKinley law still stands. B Jepun '17 IO enss) S11 us Washington date line, the Times-Herald undertook to prove that the Dingley law is productive of prosperity The matter occupies a four column square on the first page, under a flaring head line, and contrasts two periods. One period covers the time from July 24 to September 24, 1893; the other a similar time in 1897. The two periods are printed in parallel columns. That of 1897 is under the sub-heading of "Sixty Days Under the Dingley Law. -qns Jepun SI 3683 JO that heading, 'Sixty Days Under the Wilson Law The latter is here reproDays Under the Wilson MET Week Ending July 24. 1893.-Failure of Bozeman (Mont.) National bank. Four Denver banks closed their doors Bank suspensions in other western cities. Two other bank failures in Milwaukee and runs on numerous other banks. Commercial bank of Denver fails, capital $250,000. Bank failures at Vernon. Tex. and Knoxville, Tenn. capital $200,000. Failure of Tacoma (Wash.) National bank, capital $200,000. Failures of banks at Great Falls. Mont. and Orlanda, Fla., capital $200,000. Suspension of work in manufactories reported from all sections. Week Ending Aug. 1. 1893.-National -UI pue "H N 18 dianapolis, Ind., fail, capital $500,000 Failure of First National bank at Spokane, Wash., capital $250,000. Ten banks suspend in one day (July 27), capital $2,000,000. Bank failures in South Dakota, Montana, Illinois, Kansas, Texas, Washington. New Hampshire and correspondingly large number of business suspensions. Week Ending Aug. 8. 1893.-Collapse of Chicago provision deal and many failures of commission houses. Failure of National bank of El Paso, Tex. Failure of National bank of San Antonio, Tex. Failure of National bank of Muncie, Ind. Fifty-third congress meets in special session to begin Its destruction of the McKinley law. Week Ending Aug. 28. 1893. -Encounter between anarchists and socialists averted by New York police. Meeting MIOX MAN sq dn broken JO police. Failure of national bank of Hindman. Pa. Failure of national bank of Tacoma, Wash. Suspension of manufacturing establishments in numerous states Announcement by the comptroller of the currency that 155 national banks and 560 private banks had falled during the year ending Aug 28 Railroad receivers appointed during August for Northern Pacific, Philadelphia & Reading. New England & Pittsburg, Akron & Western railways September.-Rallroad receivers ap pointed for Wisconsin Central, Chicago, Peoria & St. Louis, Cleveland. Canton & Southern and Evansville & Terre Haute. The mileage of roads placed in the hands of receivers during the year He TO seventh euo '948'97 SBM 2681 the lines in the United States, and their indebtedness 212,217 033. During the year there were 16,115 mercantile suspensions, involving liabilities amount ing to $346,779,889. During the bank suspensions of July loans were made on call at the New York Stock Exchange TO requinu ene ask 21 SE SB minor business failures owing to bank suspensions and to inability to make collections has not been tabulated, but reaches into the hundreds. This is a bad record for the tariff law under which all these calamities occurred. but. unfortunately for the Times-Herald, the Wilson law was not then in operation. In fact, at that time the Wilson law had not been introduced in congress. The congress which passed the Wilson law met in Decem ber, 1893-two months after the ending of the period set forth in the TimesHerald. The Wilson law passed the house on Feb. 1. 1894 four months after the ending of the period set forth by the Times Herald. It passed the sen1994 E Ainr uo u! air nine months after the ending of the period set forth by the Times Herald. After repeated conferences and disagreements the house adopted the sen ate bill entire on Aug. 13, 1894-ten months and 13 days after the expira tion of the period set forth by the Times-Herald. The Wilson law went into effect just 11 months after the ending of the period set forth by the Times Herald. Briefly, every business failure attributed by the Chicago Times-Herald in the above ex S tract to the Wilson law took place un der the McKinley law before the Wilson bill had been introduced in con. gress. In Its efforts to prove that the 941 JOJ SEM ME WITHON business depression in 1893 the Times Herald succeeeds only in proving that the McKinley law was responsible. A correspondent of the Chicago protection organ was quick to discover the hole which engulfed it, and wrote as follows: Editor of the Times-Herald: Did you not make a blunder in your supposedly 4 deadly parallel on Monday morning when you contrasted the workings of S the Wilson and the Dingley acts ano the business failures under them? The period dating from July 24 to Septem ber, 1833, which you say was "sixty days under the Wilson law." was more than 2. year before the Wilson law went into operation, and some months in 01 persented SEM 11 before house. The McKinley law was then in full force. Ought you not as a fair an & great newspaper to retract this mis statement? B. A. M'CONNELL The Times-Herald admitted that a made a grave mistake by publishing one

19. October 14, 1897 The Laramie Republican Laramie, WY

Article from The Laramie Republican, October 14, 1897

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JUST FOR COMPARISON. SOMETHING IN RELATION TO THE CONDITIONS WHICH EXISTED IN 1892. And Then Look Upon the Fair Picture Presented in 1897-Then the Banks Were Failing and Everything Was Tumbling-Now Everything is on the Mend and Mills Are Opening. Washington, D. C., Oct. 11.-(Special Correspondence.)-The reports of business improvement and activity in manu. facturing and commercial lines which have come to the front since the enact. ment of the Dingley law has suggested to somebody with a good memory a comparison of present conditions with those of the corresponding dates in the first year of the Cleveland administration. It is a curious fact that the enactment of the Wilson law came at just about a corresponding period with the meeting of the free-trade congress in the first year of Cleveland's second term, and that it is therefore possible to contrast business conditions under the shadow of approaching free trade with the busid ness conditions in the sunshine of re1 turning protection. This comparison is e startling. The period covered in the comparison is the two months since the final action upon the Dingley bill compared with the corresponding two it months in the Cleveland term, or from July 24 to September 24, 1893, contrasted with July 24 to September 24, 1897. Here is the contrast; it is well worth e laying aside for reference: Week ending July 24, 1893-Failure of e Bozeman, Montana, national bank. Four Denver banks closed their doors. Bank a suspensions in other western cities. Two e banks failed in Milwaukee, and runs.on d numerous other banks. Commercial bank of Denver falls; capital $250,000. h Bank failures at Vernon, Tex., and Knoxville, Tenn., capital, $200,000. Faily ure of Takoma, Wash., National bank; capital, $200,0000; also failure of banks d at Great Falls, Mont., and Orlando, Fla.; capital, $200,000. Suspension of work in y S manufactories reported from all seca tions. Week ending August 1, 1893-National banks at Manchester, N. H., and g Indianapolis, Ind., fail; capital $500,000. e Failure of First National bank at Spo. kane, Wash.,; capital $250,000. Ten 0 banks suspended in one day (July 27); n capital $2,000,000. Bank failures in South Dakota, Montana, Illinois, Kand sas, Texas, Washington, New Hampat shire, and correspondingly large num9 bers of business suspensions. 6 Week ending August 8, 1893-Collapse r of Chicago provision deal, and many failures of commercial houses. Failure at of national bank of El Paso, Texas. FailS ure of national bank of San Antonio, 1 Texas. Failure of national bank of it Muncie, Ind. Fifty-third congress meets 1 in special session to begin its destruction d of the McKinley law. d Week ending August 28, 1893-Ener counter between the anarchists and 80y clalists averted by New York police; * meeting of New York anarchists broken d up by New York police. Failure of na. tional bank at Hindman, Pa. Failure of Ф national bank at Tacoma, Wash. SusR pension of manufacturing establishments in numerous states. Announcement by 8 6 comptroller of currency that 155 national banks and 560 private banks had falled d during the year ending August 28. Railat road receivers appointed during August for Northern Pacific, Philadelphia and s Reading, New England, and Pittsburg, Akron and Western. is September-Railroad receivers ap0 pointed for Wisconsin Central, Chicago, 0 Peoria and St. Louis, Cleveland, Canton e and Southern, and Evansville and Terre Haute railroads. The mileage of roads 19 placed in the hands of receivers during g the year 1893 was 25,375, nearly oneseventh of all the lines in the United a States, and their indebtedness, $1,212,10 217,033. During the year there were 16,115 mercantile suspenions, Involve ing liabilities amounting to $346,779,889. 8 During the bank suspensions of July loans were made on call at the New York stock exchange as high as 72 per cent.

20. October 21, 1897 The Islander Friday Harbor, WA

Article from The Islander, October 21, 1897

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SOME COMPARISONS OFFICIAL REPORTS SHOW THE DIFFERENCE IN THE TIMES. Under the First 60 Days of the Cleve. land-Wilson Low Tariff the Country Was in a Panic-Under the McKinleyDingley Tariff the Country Confident. E. F. PARSONS, Special Correspondent. Washington, D. C.-The close of the first sixty days of the operations of the new tariff law and the business improvements which are visible in every direction during that time have suggested a comparison of the conditions during the two months in question with those of the corresponding date in the first year of the Cleveland administration, during which time the free trade congress, elected with President Cleveland, was just beginning its attack upon the protective system which the Dingley law sixty days ago re-established. The two periods from July 24 to September 24 in the years 1893 and 1897, respectively, present a marked contrast -Bod St 1! pus conditions business 01 SE sible to obtain from government records some data bearing upon this subject and now especially interesting. The following data gathered from official reports presents a picture of the sixty-day period of the year 1893 with which the two months just ended correspond both as to the portion of the year and the period of the presidential administration and also proximity to tariff legislation: Week ending July 24, 1893-Failure of Bozeman, Mont., National Bank; four Denver banks closed their doors; bank suspensions in other western cities; two bank failures in Milwankee and runs on numerous other banks; Commercial Bank of Denver fails, capital $250,000; bank failures at Vernon, Texas, and Knoxville, Tenn., capital $200,000; failure of Tacoma, Wash., National Bank, capital $200,000; also failures of banks at Great Falls, Mont., and Orlando, Fla., capital $200,000; suspension of work in manufactories reported from all sections. Week ending August 1,1893-Nation-uI pus "H N Manohester 18 queq 18 dianapolis, Ind., fail, epaital $500,000; failure of First National Bank at Spokane, Wash., capital $250,000; ten banks suspend in one day (July 27), capital $2,000,000; bank failures in South Dakota, Montana, Illinois, Kansas, Texas, Washington, New Hampshire, and correspondingly large number of business suspensions. Week ending August 8, 1893-Collapse of Chicago Provision Deal and many failures of commission houses; failure of National bank of El Paso, Texas; failure of National bank of San Antonio, Texas; failure of National bank of Muncie, Ind; fifty-third congress meets in special session to begin its destruction of the McKinley law. Week ending August 28, 1893-Encounter between the anarchists and socialists averted by New York police; meeting of anarchists broken up by New York police; failure of National bank at Hindman, Pa.; failure of National bank at Tacoma, Wash., suspension of manufacturing establishments in numerous states; announcement by comptroller of the currency that 155 National banks and 560 private banks had failed during the year tnding August 28; railroad receivers apppointed during August for Northern Pacific, Philadelphia & Reading, New England and Pittsburg, Akron & West"ure September-Railroad receivers

21. July 23, 1926 The Bozeman Courier Bozeman, MT

Article from The Bozeman Courier, July 23, 1926

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THE BOZEMAN NATIONAL BANK SUSPENDS The Stringency of the Money Market Created Too Great a Strain Wednesday morning the Bozeman National bank failed to open its doors for business and the following notice was on the front entrance: Notice Bozeman, July 19, 1893. Owing to the steady withdrawal of deposits and the impossibility of making collections, We have thought it best to close the bank. It may be only temporarily, and in any event there can be no possible loss to depositors. Peter Koch, Cashier. The liabilities of the institution are, in round numbers, $175,000, with assets of $42,000, leaving a balance in favor of the creditors of $65,000. With an intelligent receiver the bank can easily pay its depositors in full and have something left for its stockholders. Hon. Emory Cobb, of Kankakee, Ills.; Hon. Charles W. Hoffman, and Peter Koch of this city, practically

22. July 23, 1926 The Bozeman Courier Bozeman, MT

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will be pressed for what they owe, will be compelled to pay up,and with the slim prospect of securing accommodations elsewhere, ruinous sacrifices may be required to meet the demands. Nothing but feelings of the sincerest regret are voiced on all sides at the forced suspension, and the hope is expressed that arrangements may soon be made whereby the bank may reopen its doors and continue in business. The Other Banks Solid. The failure of the Bozeman National seems to have no appreciable effect on depositors in the Gallatin Valley National, as deposits in that bank the day following the failure exceed the withdrawals, showing that confidence in the stability of the institution is unshaken. No apprehensions are felt as to the Commercial Exchange bank. Shortly after it opened its doors indications of quiet times set in and the bank discontinued making loans. It was thus better prepared for what has come than any other bank in the city and has had an easy time accordingly.

23. November 19, 1926 The Bozeman Courier Bozeman, MT

Article from The Bozeman Courier, November 19, 1926

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(33 Years Ago) THE BOZEMAN NATIONAL READY FOR BUSINESS AGAIN Depositors in the Bozeman National bank have accepted the terms proposed by the bank so much more rapidly than the officers had hoped, that the bank is now ready to reopen and has received authority of the comptroller of the currency to do so. In the short time that has elapsed since the bank sent out its proposition to its creditors it has secured acceptances to the amount of 95 per cent of its liabilities. No higher compliment to the bank could be paid than has been paid in this exhibition of confidence and good will on the part of its depositors. Cashier Koch expected that the bank would be able to resume business by December 15. The creditors of the.bank have acted so promptly and cheerfully, however, that the bank was ready to open on the 15th of this month, if it had had authority to do so. A statement of how matters stand was sent to the comptroller and Receiver Hoffman has been authorized to turn over the property in his hands to the officials of the bank. This will be done today and the bank will re-open for business Monday morning, Nov. 20. The importance of the re-opening of the Bozeman National at this time can hardly be overestimated and the news will be hailed with satisfactory approval by all of our citizens who, without a dissenting voice, will congratulate the cashier, Peter Koch, for his indefatigable and successful efforts in behalf of the best interests of t' e entire community.