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THE END OF THE CHAPTER. Tomorrow morning at 9 o'clock, the Northwestern Bank and Trust company will open for business in the quarters long occupied by the Central Bank and Trust company, which institution the new organization has taken over in a transaction which means as much to the present well-being and future progress of this community as any consummated in many years. As the Central Bank and Trust company past. fades out of the picture a brief review of its history, or rather of the activities of the men who have been identified in an official capacity with it may not be out of order. The old Empire Bank and Trust company closed its doors in February, 1924, this action being compelled by conditions which we are all relieved to forget. The officers and larger stockholders of that institution, however, felt it was their solemn obligation to do two things: To pay the depositors every cent of money they had in the bank, and to, as quickly as possible, provide grievously needed banking facilities to the community which had been deprived of such facilities by the closing of its only institutions. After much difficulty, the new bank was organized and opened and in the course of time, the 100 per cent deposit liability of the old bank was liquidated. In opening the new bank, several hundred thousand dollars worth of paper was taken over as assets of the Central. At that time and under the conditions then obtaining, it was properly thought that these assets were good. As time went on, many of the notes SO taken over froze up." That is to say, continued depression in our agricultural industry and the lingering difficulties created by the disaster to our stock industry four years earlier, made worthless many of these assets. The Central bank struggled along under a load which was becoming more onerous each year. A large sum of money had been borrowed from the Agricultural Credit association on real estate and other assets together with a guarantee signed by six men interested in both the old and new banks and one who had been director in the defunct institution. In December of last year, these men and the widow of another who had passed away, paid to the Agricultural Credit corporation the sum of $88,000, the amount of their guarantee with accrued interest. Even with this obligation lifted from the back of the bank the situation continued unsatisfactory to the point of desperation. Earnest efforts were made to effect a deal whereby the closing of the bank might be avoided. Only the few concerned with such efforts will ever know of the anxiety which they entailed. Then came a steady withdrawal of funds until it became obvious to the officers that it was useless longer to continue the hopeless battle. The bank was voluntarily suspended, the second time that the men chiefly interested in it had passed through this most unhappy experience. As in the former case, the first concern of these men, chief among whom stands President Samuel Phillips, was the welfare of the depositors. Negotiations were immediately opened up with the Northwest Bancorporation of Minneapolis, one of the great banking institutions of the country. Mr. R. M. Macgregor, vice-president and managing officer of that corporation. came to Lewistown and, from the very beginning, evinced a most sympathetic and helpful attitude. The officials of the state's banking department were on the ground and rendered the finest sort of service throughout. An agreement was entered into with Mr. Macgregor for the taking over of the bank and the payment of all deposit and borrowed money liabilities. In order to make this agreement effective, it was necessary to remove from the bank certain real estate and bond items to the "value of $33,000. A number of citizens volunteered to ask the depositors to put up 20 per cent of their balances toward "raising this fund. Here the depositors came forward in a most amazing manner. The job was done in less than a week and constituted as fine a piece of large scale co-operaition ever witnessed in any community. The stockholders voluntarily put up their 100 per cent stock assessments, the depositors turned in their checks and so was made possible *an action tomorrow morning which we all have every reason to believe will forever end the banking difficulties of this community. In speaking of the spirit of co-operation, we must not forget that exhibited by what will be a rival institution of the new bank, the National Bank of Lewistown. They extended a large amount of credit to stockholders and otherwise assisted in every possible manner in bringing the movement to a speedy and successful conclusion. The new bank opens under the most favorable of auspices. The new president, Mr. M. Burks, has long been a resident MONTANA'S MOST PROGRESSIVE AND CENTRAL of Montana and stands among the most successful bankers MONTANA'S ONLY DAILY NEWSPAPER in the state. He will head an institution which is absolutely clean and is backed by the resources and banking experience of corporation with nearly half a billion dollars in reCOMPANY sources. There will never again be even that shadow of fear among depositors, while the banking needs of our comTHE HARRY E. LAY TOM STOUT munity will be met to the largest possible degree. In the Manager President opinion of this newspaper, the event marks a turning point in the history and progress of Central Monotana. All present signs point to a period of sane expansion in this comEDITORIAL VIEWS AND REVIEWS munity, with better business and broadened opportunities for all of us who have our homes and our business establishments here. We shall see, during the present year, several new and beautiful buildings erected. It will be but a matter of time before the actual construction of new railroad facilities will be in progress. New industries will be developed as those already in existence will expand. We shall live through many bright and hopeful days which shall the more quickly cause us to forget a few of the dismal ones of the
WEATHER
Feb. temperatures the and minimum during the hours ended lowing o'clock elties tonight. reported by the United States weather bureau here, Max. Min. Prec.
WEATHER CONDITIONS.
A pressure distribution Pacific consisting slope and of off the north low relatively high area over the upper Rockies and platean has caused slightcooler weather over the Rockies and plateau sections and warmer weather along the coast and over the plains states. Precipitation occurred in parts western Montana. The temMontana showed fall over peratures of around 6 degrees as compared with those of Wednesday the range being from 34 at Havre up to 42 at Helena.
MONTANA WEATHER. Friday and Saturday fair: little change in temperature.
22 LEWISTOWN 40 Havre Helena Kalispell Boise Angeles Omaha Portland St. Paul Salt Lake Seattle Spokane Williston Park 42 Yellowstone
