11440. First National Bank (Livingston, MT)

View Charter #3006 on SPMC

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 3006
Charter Number: 3006
Start Date: August 27, 1884
Location: Livingston, Montana (45.662, -110.561)

Metadata

Model: gpt-5-mini
Short Digest: 9f87af51

Response Measures

None

Receivership Details

Depositor recovery rate: 95.0%
Date receivership started: 1884-08-25
Date receivership terminated: 1900-12-31
OCC cause of failure: Losses
Share of assets assessed as good: 47.2%
Share of assets assessed as doubtful: 21.5%
Share of assets assessed as worthless: 31.3%

Description

Contemporary articles (Aug–Sep 1884) report that the bank was effectively suspended and a receiver (C. A. Baker) was appointed; later notices (1885) show the receiver selling the bank building and fixtures. Coverage describes gross mismanagement and alleged embezzlement by the cashier rather than a depositor run. No clear description of a depositor run appears in the articles, so this is classified as a suspension leading to permanent closure/receivership.

Events (5)

1. July 16, 1883 Chartered

Source: historical_nic

2. August 25, 1884 Receivership

Source: historical_nic

3. August 27, 1884 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Gross mismanagement and insolvency concerns; comptroller instructed assistant cashier to cease business pending appointment of receiver; internal mismanagement and shortages noted.
Newspaper Excerpt: Mr. Pyle ... has been instructed by the comptroller of currency to do no business in the said First National, except to collect what he can of any indebtedness due the bank until a receiver is appointed to succeed him.
Source: newspapers

4. September 30, 1884 Receivership

Newspaper Excerpt: D. E. Fogarty, late cashier of the insolvent First National Bank of that place, was arrested ... on complaint of C. A. Baker, receiver of the bank, charging him with embezzlement of the bank's money.
Source: newspapers

5. June 20, 1885 Other

Newspaper Excerpt: By virtue of an order of the District Court ... I am authorized to sell ... the Bank Building standing on the same. ... CHARLES A. BAKER, Receiver of The First National Bank of Livingston, M. T.
Source: newspapers

Newspaper Articles (12)

1. August 27, 1884 Daily Yellowstone Journal Miles City, MT

Article from Daily Yellowstone Journal, August 27, 1884

Click image to open full size in new tab

Article Text

Livingston's First National A well authenticated rumor is to the effect that Mr. Pyle who was recently appointed assistant cashier of the First National bank of Livingston, by direction of its stockholders, has been instructed by the comptroller of currency to do no business in the said First National, except to collect what be can of any indebtedness due the bank until a receiver is appointed to succeed him. The JOURNAL predicts that the receiver will be appointed in a very few days. An experience of gross mismanagement such as the stockholders of that bank are eompelled to look after and pay for is enough to make them weary of banking business. The Livingston papers are inclined to throw a mantle over what they call "gossip," but where the facts hold out the statements SQ well the gossip must have been well founded.

2. September 30, 1884 Sacramento Daily Record-Union Sacramento, CA

Article from Sacramento Daily Record-Union, September 30, 1884

Click image to open full size in new tab

Article Text

TELEGRAPHIC BREVITIES. It is reported that the Empress of China has decided to conclude peace with France. Admiral Courbet will not, according to official advices, recommence operations in China waters until the 1st of October. M. Barrere has summoned all the French officials in the Egyptian service to return to Alexandria immediately. The French budget asks for 10,000,000 to 15,000,000 francs for the Tonquin expedition and 65,000,000 francs to arm the navy. Rev. Heber Newton appeared in his pulpit at the Anthon Memorial Church. New York, Sunday, after a long absence from illness. George Lorillard has sold his farm at Islip, Long Island, to B. Cutting for $125,000. His celebrated racing stud will be removed. Edward T. Backhouse, President of the Kings County, N. Y., Insurance Company. died Sunday of diphtheria. He was born in 1806. The courage of the King of Italy in visiting Naples has secured to him thelwarm friendship of the Republicans, and has done much for the real unification of Italy. Mrs. Paul Arthur McDonough is separated from her husband in New York. She was Emma Carson, 8 rising soprano from California, and it is thought her many admirers have turned her head. A special from Washington says: It is not believed that Gresham will remain in the Treasury long enough to make the annual report. He takes the stump for Blaine in a few days. The Massachusetts Gas Company struck the largest gas well yesterday morning yet developed in the Tarantum field, says a Pittsburg dispatch. The vein was struck on the Geist farm at a depth of 1,200 feet. The reported revolt against Parnell in county Mayo is denied. Patrick Egan says any candidate approved of by Parnell will be just as certain of election in county Mayo at the next vacancy as in any constituency in Ireland. Officers of the Cincinnati, New Orleans and Texas Pacific Railway report that arrangements are completed for the transfer of passengers at the break caused by the recent burning of a portion of the Lake Pontchartrain bridge. Gladstone's attention being called to the statements published in an anonymous pamphlet, which accuse him of supporting the Roman Catholic Church, he pronounces them grossly untrue, and demands the name of the author. A special from Livingston, M. T., says: D. E. Fogarty, late cashier of the First National Bank, was arrested yesterday by the Deputy United States Marshal, on complaint of C. A. Baker, Receiver of the bank, charging him with embezzlement of the bank's money. French Ministerial papers express satisfaction at the agreement between France and Germany relative to Egyptian affairs. A bill for the organization of a colonial army will be presented to the Chambers soon to convene. The chief feature of the bill will be the transfer of the marines to the control of the Minister of War. The acting Secretary of the Treasury has accepted the offer of Charles H. Barth to pay $32,700 in compromise of a claim of $100,000. alleged to have been embezzled by him while in the service of the United States as clerk in the Quartermaster General's Department at San Francisco several years ago. It was shown that no more could be recovered.

3. September 30, 1884 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, September 30, 1884

Click image to open full size in new tab

Article Text

CASHIER ARRESTED. Carelessness Which Has Led to a Charge of Embezzlement. . A Livingston (Montana) special to the St. Paul Pioneer Press says that D. E. Fogarty, late cashier of the insolvent First National Bank-of that place, was arrested yesterday by a deputy United States marshal on complaint of C. A. Baker, receiver of the bank, charging him with embezzlement of the bank's money. The specific act charged in the complaint was the collecting of about $500 for J. J. McGrath & Co., of Chicago, which was never remitted, and was not entered on the bank's books. Mr. Baker says this is one of the many instances in connection with Mr. Fogarty's management of the bank. Bail was fixed at $3,000, which he obtained. Fogarty says he has no doubt as to his ability to clear bimself of the charge. He says many collections were made in the latter part of the bank's existence, the proceeds of which were absorbed by the checks that came in from the depositors. Remittances were, therefore, not made, but the records of the collections appear in the books. Fogarty was for several years bookkeeper in the German-American Bank in St. Paul, and while occupying that position several times laid himself open to severe criticism for carelessness, at one time narrowly escaping arrest through a piece of sheer folly, practiced to secure a balance in a hurry, 80 that he might keep a social engagement. Fogarty went to Livingston and assumed the duties of cashier of the First National when that bank was,opened. more than a year ago. His habits are reg. ular so far as known, nor is he charged with outside speculation. " A good deal more fool than knave," is the general comment in St. Paul concerning the man.

4. October 1, 1884 Wheeling Register Wheeling, WV

Article from Wheeling Register, October 1, 1884

Click image to open full size in new tab

Article Text

ARRESTED. Carelessness Which Has Led to a Charge of Embezzlement. Sr. PAUL, September 30.-A Livingsten, Montana, special to the Pioneer Press says that D. E. Fogarty, late cashier of the insolvent First National Bank of that place was arrested yesterday by a Deputy United States Marshal on complaint of C. A. Baker, receiver of the bank. charging him with embezzlement of the bank's money. The specific act charged in the complaint was the collecting of about $500 for J. J. McGrath & Co., of Chicago, which was never remitted, and was not entered on the bank's books. Mr. Baker says this is one of the many instances in connection with Mr. Fogarty's management of the bank. Bail was fixed a $3,000, which he obtained. Fogarty says he has no doubt as to his ability so clear himself of the charge. He says many collections were made in the latter part of the bank's existence, the proceeds of which were absorbed by the checks that came in from the depositors. Remittances were, therefore. not made, but the records of the collections appear in the books. Fogarty was for several years bookkeeper in in Bank the German-American St. Paul, and while occupying that position several times laid himself open to severe critizism for carelessness, at one time narrowly escaping arrest through a piece of sheer folly, practiced to secure a balance in a hurry, so that he might keep a social engagement. Fogarty went to Livingstone and assumed the duties of Cashier of the First National when that bank was first opened, more than a year ago. His habits are regular so far as known nor is he charged with outside speculation. "A good deal more fool than knave," is the general comment in St. Paul concerning the man.

5. October 3, 1884 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, October 3, 1884

Click image to open full size in new tab

Article Text

# Mr. Fogarty's Trouble. The late cashier of the First National bank of Livingston, Mr. D. E. Fogarty, whose arrest took place at Livingston on Saturday, on a charge of technical embezzlement preferred by the receiver of the bank, has decided not to undertake to give the $2,000 bail required, but to spend the interval before the sitting of the grand jury of the next term of the district court in the county jail at Bozeman. The offer made to Mr. Fogarty to furnish him bail was declined by him. The case against him appears to be purely technical and the prosecution an instance of persecution that none of the circumstances of the bank's failure demand.

6. October 8, 1884 The Bozeman Weekly Chronicle Bozeman, MT

Article from The Bozeman Weekly Chronicle, October 8, 1884

Click image to open full size in new tab

Article Text

Fructuary Fogerty. D. E, Fogerty. cashier of the National bank now numbered among the dead institutions of Livingston, was arrested last week for alleged crookedness. Failing to produce $2000 bail on Wednesday was brought to Bozeman and placed in jail to await. the action of the next district court. In referring to the arrest the PioneerPress make a damaging statement, which we hope may be disapproyed. It says : "The above announcement will not cause much surprise in St. Paul, Mr. Fogerty's former home, since the trouble at the Livingston bank and the carelessness of its late cashier have been topics of general comment for some time. In a recent interview in the Pioneer-Press, N. P. Lengford, United States bank examiner, said that while Mr. Fogarty had not, probably, been guilty of any crime, he was none the less amendable to the law on the charge of criminal carelessness. Mr. Langford, in common with all the experts who examined into the affairs of the bank, were surprised, not to say disqusted, at the loose methods of bookkeeping and accounting there in vogue. It was openlp stated in St. Paul when the receiver got at the bottom of affairs there would be trouble for Fogerty. Still, no one believes him guilty of criminal intent, or that he has made any money of the suspended First National or its depositors. He was for several years bookkecper in the German American bank in St. Paul, and while occupying that position several times laid himself open to severe criticism for carelessness, at one time narrowly escaping arrest through a piece of sheer folly, practiced to secure a balance in a hurry that he might keep a social engagement. Fogartv went to Livingston and assumed the duties of cashier of the First National when that bank was opened—more than a year ago. His habits are regular so far as known, nor is he charged with outside speculation. A good deal more fool than knave, is the general comment in St. Paul concering the man."

7. June 20, 1885 The Livingston Enterprise Livingston, MT

Article from The Livingston Enterprise, June 20, 1885

Click image to open full size in new tab

Article Text

FOR REAL ESTATE.-By virtue of an of the District Court for the First Judicial District for the Territory of Montana, dated the second day of January, A. D. 1885, bide will be received by the undersigned for the purchase of the real estate hereinafter described, FOR THIRTY DAYS from the first issue of this notice. Said property is described as follows, to-wit: Lot number one (1) in Block number sixty-one (61), in town of Livingston, with the Bank Building standing on the same. I am authorized to sell with this lot and building the Fixtures in the Bank, consisting of Counters, Desks and Safe. The appraised value of the property is Thirteen Thousand and Flve Hundred Dollars ($13,500), and cannot be sold for less than that sum. Terms of sale-CASH. CHARLES A. BAKER, Receiver of The First National Bank of Livingeton, M. T. first pub. may30.

8. July 11, 1885 The Livingston Enterprise Livingston, MT

Article from The Livingston Enterprise, July 11, 1885

Click image to open full size in new tab

Article Text

IDS FOR REAL ESTATE.-By virtue of B an order of the District Court for the First Judicial District for the Territory of Montana, dated the second day of January, A. D. 1885, bids will be received by the undersigned for the purchase of the real estate hereinafter described. Said property is described as follows, to-wit: Lot number one (1) in Block number sixty-one (61), in town of Livingston, with the Bank Building standing on the same. I am authorized to sell with this lot and building the Fixtures in the Bank, consisting of Counters, Desks and Safe. The appraised value of the property is Thirteen Thousand and Flve Hundred Dollars ($13,500). The right is reserved to reject any and all bids. Terms of sale-CASH. CHARLES A. BAKER, Receiver of The First National Bank of Livingston, M.T. first pub. may30.

9. August 1, 1885 The Livingston Enterprise Livingston, MT

Article from The Livingston Enterprise, August 1, 1885

Click image to open full size in new tab

Article Text

10. August 8, 1885 The Livingston Enterprise Livingston, MT

Article from The Livingston Enterprise, August 8, 1885

Click image to open full size in new tab

Article Text

ERVOUS DEBILITATED MEN. N You are allowed a tree trial of thirty days of the use of Dr. Dye's celebrated Voltaic Belt with electric Suspensory Appliances, for the speedy relief and permanent cure of nervous debility, loss of vitality and manhoyd, and all kindred troubles. Also for many other diseases. Complete restoration to health, vigor and manhood guaranteed. No risk is incurred. Illustrated pamphlet, with full information, terms, etc., mailed free by addressing Voltaic Belt Co., Marshall, Mich. FOR PUBLICATION.- -Land OfNOTICE Bozeman, M. T., July 18, 1885. Notice is hereby given that the following-named settler has filed notice of his intention to make final proof in support of his claim, and that said proof will be made before the Register and Receiver at Bozeman, M. T., on August 31, 1885, viz: Benja min V. Clark, D. S. 697, for the Lot 4, S. W. 1/2, of fractional N. W. 14; -N. W. 1/4 of S. W. 1/4, section 29, and S. E. I', of N. E. 1/4, section 30, township 1, So. R. 11 East. The names of the following witnesses to prove his continuous residence upon, and cultivation of, said land, viz: Wm. B. McAdow, Chas. P. Blakely, Andrew J. Smith, George F. Shelton, all of Bozeman, Gallatin Co., M.T. O. P. CHISHOLM. Register. first publication, july 25, 18853 IDS FOR REAL ESTATE.-By virtue of B an order of the District Court for the First Judicial District for the Territory of Montana, dated the second day of January, A. D. 1885, bide will be received by the undersigned for the purchase of the real estate hereinafter described. Said property is described as follows, to-wit: Lot number one (1) in Block number sixty-one (61), in town of Livingston, with the Bank Building standing on the same. I am authorized to sell with this lot and building the Fixtures in the Bank, consisting of Counters, Desks and Safe. The appraised value of the property is Thirteen Thousand and Flve Hundred Dollars ($13,500). The right is reserved to reject any and all bids. Terms of sale-CASH. CHARLES A. BAKER, Receiver of The First National Bank of Livingston, M. T. first pub. may30.

11. August 3, 1893 Fergus County Argus Lewistown, MT

Article from Fergus County Argus, August 3, 1893

Click image to open full size in new tab

Article Text

The Closing of Banks. Thursday of last week will be a memorable day in the history of Monrana, particularly of Helena. It was a day of gloom and excitement in the capital city. While trouble was anticipated in the banks, the extent of the run and the result could not be determined in advance. and when the erisis came there were many surprises to people in all parts of the state. The telephone messages came into the Lewistown office thick and fast Friday morning, bring ing news not only from Helena, but from other cities and towns in the state. Following is a list of banks, firms and individuals that have temporairily closed their doors or made assignments in the past week or ten days: First National and Montana National banks of Helena. First National and Merchants National banks of Great Falls, Gallatin Valley National and First National banks of Bozeman, First National and Park National banks of Livingston. First National bank of Red Lodge. Great Falls Iron Works Butte & Montana Mercantile Co. of Great Falls Paynter Drug Co., and Chas. W. Cannon, A. M. Holter, S. C. Ashby and The Electric Light & Power Co., of Helena; Stockgrowers Bank of Miles City.

12. August 17, 1898 The Anaconda Standard Anaconda, MT

Article from The Anaconda Standard, August 17, 1898

Click image to open full size in new tab

Article Text

UNITED STATES COURT. Judge Knowles Listened to Arguments in Mining Cases. Special Dispatch to the Standard Helena, Aug. 16.-Judge Knowles to-day listened to arguments upon a motion to modify the injunction of the court in the case of the Boston & Montana vs. the Montana Ore Purchasing company, to permit the defendant to remove the ore taken from the ground in dispute in three Butte mines. The injunction allows the Montana Ore Purchasing company to car. ry on work necessary to obtain evidence in support of its contentions in the Pennsylvania, Sullivan and Michael Devitt lodes. the ore so extracted to be stored in the respective mines pending the determination of the suit. J. J. McHatton of counsel for the Montana Ore Purchasing company asked leave to-day to remove the ore so stored, send it to a smelter and have it reduced, a bond to be furnished to protect the Boston & Montana. He claimed that owing to the position of the mines it was difficult to store the ore out of the way and still prosecute the work. He was opposed in the argument by J. Orr Evans, The court reserved his decision. In the case of the Snohomish injunction Judge McHatton asked for a modification of the restraining order so that the Montana Ore Purchasing company can inspect the development work being carried on in the portion of the mine covered by the injunction. Mr. Evans also opposed this motion. The court also reserves its decision. Judge Knowles signed a temporary restraining order in the case of Eugene Wilson, receiver vs. Patrick Dougherty, Felix McCarty, John C. Devitt and others enjoining them from working or extracting ore from the Legal Tender, Fraction, Golden Butterfly, Graham and Iron Duke lode claims in Sheep Eater mining district. Park county. pending the determination of the plaintiff's suit to dispossess them of the property. The mines in question are in Bear Gulch, near Livingston. and form a valuable asset of the suspended First National bank of this city. Receiver Wilson has a sale of the properties in negotiation, but he claims that defendants are interfering in the role of jumpers.