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large depositors on the day preceding the suspen- sion drained the bank of cash, and its paper failed to go through the clearing-house. This was gen- erally known, but a rumor was circulated that A. J. Davis of Butte, one of the large owners in the bank, had agreed to come to the rescue of the in- stitution with sufficient cash to tide it over its difficulties. When it was decided to close, on recommendation of E. D. Edgerton, two of the heaviest stockholders, S. T. Hauser, the president, and A. J. Davis, were not present. The drafts on the bank from the East have been par- ticularly heavy, and tate banks that kept their balances at the First National had been drawing on their accounts sharply, as have other depos- itors who carried large accounts. Mr. Edgerton thought that after September 1 there would be a slight cessation, but the contrary was the fact. Mr. Edgerton sa s that he was not apprehensive of any serious difficulty until the afternoon of the day preceding the actual closing of the institution, because he was in negotiation for funds which he thought he would secure, and these would have been sufficient to carry the bank through. Had the bank opened it would have been for only a short time, and there would have been a run, and those earliest would practically have become preferred creditors. The Indepen- dent says, concerning the deposits in the bank, that State Treasurer Wright had $188,604 91 in the concern when it cosed, but he is secured by an in- demnity bond from the bank to the amount of $600,000, which is signed as follows: S. T. Hauser, $125,600: E. D. Edgerton, $75,000: C. K. Cole, $50,000; James A. Talbot of Butte, $50.000; A. J. Davis of Butte, $50,000; Henry Kline, $50,000; John P. Murphy, $25,000; E. W. Beat- tie, $25,000; John C. Curtain, $25,000; A. J. Seligman, $25.000; George F. Cope, $25,000; J. B. Sanford, $25,000. One of the heaviest depositors is the Northern Pacific Railway, which, when the bank closed, had a balance of nearly $100,000 to its credit. A large sum had been withdrawn by this company but two days previously. The City Treasurer had $25,000 of the city's funds in the bauk, but he is also secured by an indemnity bond. There was no county money in the institu- tion. Mr. Edgerton says that with proper and judicious handing of the assets the bank will not only pay depositors in full, but will also pay a dividend to stockholders.
