Merchants National Bank - Great Falls, MT

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 4434
Charter Number: 4434
Start Date: *
Location: Great Falls, Montana (47.500, -111.301)

Metadata

Model: gpt-5-mini
Short Digest: 55009938

Response Measures

None

Receivership Details

Depositor recovery rate: 38.0%
Date receivership started: 1893-07-29
Date receivership terminated: 1900-01-06
OCC cause of failure: Losses
Share of assets assessed as good: 26.7%
Share of assets assessed as doubtful: 31.0%
Share of assets assessed as worthless: 42.4%

Description

Article (1895-11-22) states Merchants' National Bank 'suspended, thus rendering the money unavailable to the city.' No run is described; the suspension appears to have led to permanent unavailability of funds and subsequent litigation, so classified as suspension leading to closure/receivership. Exact suspension date not given in the article.

Events (3)

1. October 7, 1890 Chartered

Source: historical_nic

2. July 29, 1893 Receivership

Source: historical_nic

3. * Suspension

Cause Details: Article simply reports the bank 'suspended' and funds were unavailable; no explicit cause (e.g., runs, correspondent failure, or government action) is given.
Newspaper Excerpt: Elliott had deposited money belonging to the city in the Merchants' National bank, which suspended, thus rendering the money unavailable to the city.
Source: newspapers

Newspaper Articles (1)

1. November 22, 1895 Great Falls Weekly Tribune Great Falls, MT

Article from Great Falls Weekly Tribune, November 22, 1895

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Article Text

VERY PRETTY KETTLE OF FISH Defective Complaint Necessitates Disunissal of the City's Snit Acainst Elliott's Bondsmen. New Suit Will Be at Once InstitutedDelay For Several More Years Certain On the 20th day of June, 1891, John A. Largent, then city attorney, filed in the district court a complaint which he had drawn in the suit of the City of Great Falls VS. II. P. Rolle et al., the bondsmen of P. J. Elliott. who was elected city treasurer in the spring of 1893 and was drowned at the Great Falls in August, 1893. The action was to recover $75,000, the amount of Elliott's bond, with interest, attorney's fees and costs of suit, it being alleged that Elliott had deposited money belonging to the city in the Merchants' National bank, which suspended, thus rendering the money unavailable to the city. The money unavailable did not amount to $75,000, but Mr. Largent opined that it was necessary to sue for the full amount of the bond. The suit dragged slowly along. Ap. pearances, demurrers, motions, answers, replications, amendments, and various other steps tended to delay the case. But at the last term of the district court it was announced that the case was ready for trial. It was not tried. Then, with the consent of City Attorney Stephenson. the city council em. ployed Attorneys Ransom Cooper and J. B. Leslie to assist in the prosecution of the case. Then a move. which appeared very peculiar. in view of the length of time since the institution of the suit, was made. The plaintifi applied for leave to amend the complaint. The motion was fully argued. During the argument Mesere. Stephenson. Cooper and Leslie stated that they did out draw the com3 plaint and had just an eared in the case. but had discovered that on Mr. Largent's complaint. the city could recover only 8130 They stated that. if they were not permitted to amend the complaint. they would be compelled to dismiss the suit. Judge Benton denied the motion to amend the complaint. Today. probably. an order will be made dismissing the syit without prejudice. A new complaint will be immediately filed. The old see-aaw will be resumed. It will be at least two years before the case comes to trial. Then. whatever the judg1 ment may be in the district court. as uppeal will be taken to the supreme court. I and if a final decision is made before 1900 it will be unexpected.