11468. Custer County Bank (Miles City, MT)

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: *
Location: Miles City, Montana (46.408, -105.841)

Metadata

Model: gpt-5-mini
Short Digest: 91f382a0

Response Measures

None

Description

The State Examiner's report says funds were kept in the Custer County Bank and refers to 'the time the bank suspended.' The article gives no explicit reopening or receiver assignment. Another Miles City bank (Commercial National Bank) is explicitly listed as closed in the report. Because the Custer County Bank is described as having suspended with no reopening mentioned in the article and the Examiner's report is discussing losses, I classify this as a suspension leading to closure; outcome is somewhat uncertain from this single article.

Events (1)

1. * Suspension

Cause Details: Article only states that the bank 'suspended' without giving a reason (no rumor, run, correspondent failure, or government action specified).
Newspaper Excerpt: John G. Allee, while Police Judge of the City, kept the funds of that office in the Custer County Bank. At the time the bank suspended he had $175.77 in the account of the Police Judge.
Source: newspapers

Newspaper Articles (1)

1. June 25, 1927 Miles City Star Miles City, MT

Article from Miles City Star, June 25, 1927

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Article Text

1927. at which the qualified electors and taxpayers said City vote upon the rejection Resolution No. 480. duly and approved by the City Council of Miles City Montana. which Resolution is in the words and figures RESOLUTION NO 480 resolution of sale of the Municipal Light Power and Steam Heating utility the City of Miles City, Montana towith the and supplies. including coal. maintained in connection with the operation said utilIty and exclusive office fixtures. what known the White Way and the wires fixtures used for street the nesota Northern Power Company Resolved the City Council of WHEREAS the City Council of the City of Miles City. Montana. has here tofore, and in pursuasee memorial from Miles City, Mon tana. submitted the qualified electors and taxpayers of said City the question retaining selling the municipal electric light, power and steam heating utility WHEREAS said decl sive majority qualified electors and taxpayers said expressed approving sale of said utility WHEREAS the City of Miles City Móntana, hsa heretofore given no tice bidders that sealed proposals would be received in cordance with said for the pur chase of the municipal light. power and steam heating utility equipment and store supplies on band and maintained connection with said utility and WHEREAS in pursuance said notice to bidders sealed proposals for the purchase of utility were received from bidders and. WHEREAS said proposits were all duly considered by the Council of said and WHEREAS the City neil of said City heretofore duly determined by resolution that for the interests said and residents that the said municipal light. power and steam heating utility equipment and including and ex cluding fixtures what known White and the wires and fixtures used for other light purposes and by resolution duly fixed. determined and declared the value municipal light power and steam the Three Hundred One Eight Hundred Thirty Two and 41-100 Dollars ($351,832) lusive equip ment store supplies, including coal, and excluding fixtures. what is known the system and wire and fixtures for other street lighting purposes and that the proposal of the Minnesota Com pany of Three Hundred Seventy Seven Thousand Two Hundred Dollars $377. 200.00) was the best bid offered and that said utility including and supplies used and maintained In connection with said utility and ing office fixtures, what known as the White Was system and the and fixtures used for other street lighting purposes be City Montana. to the Minnesota Northe Power Company NOW THEREF ORE BE IT RESOLVED That for the best interest City of Miles City, Montana and the residents thereof that the said municipal electric light power and steam heating utility stores including and excluding office what known as the White Way system and the fixtures used for street lighting purposes be sold and that the thereof be the Power Company in suance to said bidders and the proposal said company on file the office of the Clerk of said City BE IT FURTHER RESOLVED That the City Miles Montana does hereby the Minnesota Power Company the municipal electric light. power and steam heating utility and stores and exclusive of office known as White Way system and the and fixtures used other street lighting purposes, for and consideration the sum Three Hundred Seventy Seven Thousand Hundred Dollars ($377, 200.00) in bicago York exchange. That the price quoted based upon the Inventory stores and supplies by the Clerk 95. Twen five Three Hundred Sixty Seven and 50-100 Dollars Ad ditions substractions to be made to the price quoted from the inventory of March on the date delivery to the Minnesota Northern Company BE IT FURTHER RESOLVED that Contract of said municipal elec trie light. and steam heating Ity. including stores and supplie, and office fixtures what known as the White Way system and the wires and fixtures used for other street lighting entered and the Miles City, and the said Minnesota North ern Power with the said notice to compliance On Motion of Alderman Lancaster, seconded by Alderman Kuilman, and carried. the following was ordered that the report of the State Examiner' be published with explanations: John G. Allee, while Police Judge of the City, kept the funds of that office in the Custer County Bank. At the time the bank suspended he had $175.77 in the account of the Police Judge. Action was started sometime ago, and previous to the report of the Examiner, by the City against Mr. Allee to recover the above amount There was no irregularity in the office of Mr. Allee and it is simply a legal question of whether or not he is personally responsible for the loss of this fund through the closing of the bank. The City Librarian has heretofore, by of the City, kept the collections from fines, forfeitures etc., in petty cash fund and used the same for repairs on books, postage and incidental expenditures connected with the library. A record has always been kept by the Librarian of these collections expenditures, and the same has been subjected to examination by the Library Board. The Examiner's Report states these collections should be turned in to the City Treasurer and administered through that office. May 24, 1927 Mr. W. Y. Smith. Mayor Miss Frances McFarland. Treasurer Mr. M. F. Mann, Clerk Mr. D. L. O'Hern, Attorney To balance in funds May 17. 1927 bidders and the said proposal of the sald BE IT FURTHER RESOLVED. That the proper officials of the City of Miles City Montana. and they are hereby authorized and directed execute said contract said city. BE FURTHER RESOL That the proper officials the City of Miles Montana and they are hereby authorand directed to submit to the qualifled and txapayers of the Miles City Montana. provided by law, the question the paproval the said utility stores and supthe said Minnesota Northern Power Company. Passed and paproved this 5th day of April, 1927. BOSTON WOOL Boston. Mass. June 24.-(P)--The Commercial Bulletin tomorrow will say The wool market continues to strengthen slightly from week to week Prices in the west, as well as in the eastern markets, are slightly dearer. though not on all descriptions Fine staple wools and quarter-blood domestics have been in chief request. Scoured and pulled wools firm Noils are stronger. Carpet wools are rather "The foreign markets are showing hardening tendency in line with the expectation of a five per cent rise at London "The goods market appears to be in better form with the feeling of greater solidarity in consequence of the meeting Thursday in New York to consider practical plan of primarily in the of goods. "The rail and water shipments of wool from Boston from January 1. 1927 to June 23, 1927 inclusive were 88,678,600 pounds against 193,248,257 pounds for the same period year." The Commercial Bulletin will publish the following wool quotations tomorrow Domestic, Ohio and Pennsylvania fleeces Delaine unwashed 44 1-2@ 45; half blood coming 1-2@44c; 3-8 blood combing 1-4 blood combing 42@43. Michigan and New York fleeces: Delaine unwashed 43; half blood combing 42 43 3-8 blood combing 1-4 blood combing 42@43. Wisconsin, Missouri and average New England Half blood 37@38; 3-8 blood 40@41: 1-4 blood 40@41. Scoured basis, Texas Fine 12 months (selected) fine 8 months California Northern middle county 92@95; Southern 72@ 75. Oregon fine and F M stople 1.05 @ 1.07; fine and F. M. cothing 30@ Territory, Montana and similar: Fine staple choice 1.07@1.12: half blood combing 95@1.00 3-8 blood combing 95@1.00: 3-8 blood combing 85@90; blood combing 75@80. Pulled delaine A. A. 1.05 @1.07: fine A supers 93@98; A supers Mohairs-Good original bag fall Texas 58@59; Texas kid 70; good original bag Arizona and New Mexico 52@54; original bag average 12 months Oregon 53@55. Graded stock. first combing 70@75: good carding 40@45, Seaboard Air Line Railway Company. 4½%. due 1931 Illinois Central Equipment Trust. due 1933 Butte, Anaconda & Pacific Railway Co. 5%, due 1944 County of Sheridan, Montana, Funding 51/2%. due 1935 Bank of Miles City, Miles City Liberty Bonds trusteed with the National Bank of Montana, Helena. Receipt approved by State Examiner TOURIST PARK ATTENDANT To 3393 Tickets @ 50c Less 4 Tickets unprinted " 50c CITY SUPERINTENDENT To Electrical Inspections from July 1, 1926 to May 1, 1927 By City Treasurer's Receipts, same period Balance Security CITY WEIGHER $40,000.00 $39,000.00 Commercial National Bank, Miles City, (closed) 33,000.00 Kountze Bros., Bankers. N. Y 360.00 Petty Cash 1,000.00 Cash in Office 29.55 Plus balance due from last examination $15,000.00 By City Treasurer's receipts, same period 20,000.00 Overage 20,000.00 CHIEF OF POLICE 5,000.00 5,000.00 To Pound Fees collected from July 1, 1926 to May 1, 1927 To Sale of horses, same period 5,000.00 By City Treasurer's Receipts, same period 5,000.00 132.50 132.50 5,000.00 40,000.00 MR. M. F. MANN POLICE JUDGE MR. JOHN G. ALLEE (FORMER) To balance due City from former examination $175.77 POLICE JUDGE MR. THOMAS GIBB To fines collected from July 1. 1926 to May 1, 1927 $4,484.00 By City Treasurer's Receipts. same period 4,484.00 CITY ENGINEER To sewer permits issued from July 1. 1926 to May 1, 1927 To plumbing permits issued. same period By City Treasurer's Receipts. same period MR. H. K. DOANE $3.00 4.00 10.91 41.13 166.03 76.19 12.30 CITY CLERK CITY LEVIES 1926 Overdrafts of funds amount to $28,861.92 on the 30th day of April. 1927. The sum of $20,729.96 of this amount is the Stores Account, the warrants of which are drawn against and paid from the General Fund. and when the material is taken from the Stores and various Departments charged 25.24 and the Stores Account credited. Handled in this manner the Stores Account would properly show an overdraft at all times. The overdraft against the "Bond Interest Fund." amounts to 32,526.79. and indicates that the Council is not levying sufficient to take care of the payments of interest on the bonded debt. Sprinkling District No. 5 shows an overdraft of $123.16, which indicates that payments have been made from the Fund when there were insufficient funds to the credit of the District. Special Improvement Districts show a net overdraft of $5,492.01. The total overdrafts of the Special Improvement Districts amount to $6,729.48. and total credits of the Districts amount to $1,237.47. A number of the overdrafts of the Districts have existed for number of years, and the Council should take some action clear up the overdrafts in the Districts. Former Police Magistrate, Mr. John G. Allee, is still indebted to the 1,237.47 City in the amount of $175.77. Action should be started to make collection. The City Librarian has not been required to deposit of fines. forfeitures and miscellaneous collections with the City Treasurer. This must be done. The claims were found to be fairly well itemized and properly filed with the City Clerk. Respectfully submitted. JAY G. LARSON, State Examiner F. E. WILLIAMS, Deputy State Examiner. To 715 Tickets @ 25c Less Tickets unprinted By City Treasurer's Receipts, same period 120,690.47 Water Fund. Principal 45,000.00 Premium 450.00 45,450.00 Light Fund. Principal 138,000.00 Premium 139,620.65 Total Investments Less Premium 2,197.31 188,000.00 CONSISTING OF: Liberty Bonds $165,000.00 Miles City Funding Bonds 10,000.00 Miles City Water Bonds 5,000.00 Miles City Refunding Water Bonds 8,000.00 188,000.00 $ 330.13 67.30 7,300.92 120,690.47 To 6423 Tickets used @ 10c Less 32 Tickets unused (spoiled) @ 10c 1,000.00 5,126.66 TREASURER'S FUND ACCOUNTS 7.00 April 30. 1927 Fund Overdraft Balance General $39,787.08 LIABILITIES Park 4,045.42 Bonds oustanding $463,500.00 Library 1,849.62 Warrants outstanding Bond Interest Fund 2,516.79 General Fund $6,070.82 Sinking Stores Fund 14,430.34 Plumbing Examiner's 161.55 Special Election Fund 34.00 Sprinkling District No Park Fund 1,612.11 318.15 Sprinkling District No. 2 Water Fund 1,215.18 Sprinkling District No. Light Fund 515.21 8,340.62 Sprinkling District No. 5 123.16 Library Fund 325.03 Weed 8.01 19,242.57 Water 39,860.71 Water Extension City Debt. general obligation 5,292.87 482.742.57 Light Special Districts 73,162.96 Stores 20,729.96 District No. 59 7,758.24 Special Improvement Districts 5,492.01 Petty Cash Total City Debt 1,000.00 490,500.81 Special Election 960.85 RECEIPTS FROM SALE OF WATER LIGHT POWER. AND HEAT Month Water 28,861.92 Light Power Heat 183,901.91 July $4,311.93 Less Overdrafts $6,180.40 $3,666.26 $ 755.53 28,861.92 August 5,708.74 6,464.85 4,078.48 634.70 September 4,775.70 6,708.51 3,797.92 660.65 155,039.99 October 4,085.56 8,143.93 5,789.32 1,802.85 STATEMENT OF SPECIAL IMPROVEMENT DISTRICT ACCOUNTS November 2,584.95 8,657.08 3,418.66 2,715.48 December 2,367.69 8,742.66 3,317.24 4,657.83 Fund Overdraft Balance 1927 2,488.22 9,291.79 3,107.76 5,633.15 Improvement District Adjustment $ 47.69 February 2,498.28 8,631.96 3,051.03 5,870.95 Sidewalk and Curb 1,243.75 March 2,541.49 8,156.81 3,134.76 Trunk Sewer 705.47 April 2,529.65 6,906.12 3,064.35 3,870.54 District No. 77.81 33,892.21 77,884.11 12 36,425.78 32,780.68 141.82 14 74.15 PROPERTY VALUATIONS 1926 15 25.58 16 Full and true value 29.88 $10,751,753.00 Taxable value 10.79 3,130,884.00 20 117.02 25 35.85 26 General Fund 14 mills 30 793.45 Park Fund mills 31 5.87 Library Fund mills 37 104.30 Bond Interest Fund mills 38 1,115.09 Bond Sinking Fund mills 39 244.71 40 137.81 Total 30 mills 42 154.31 126.04 EXAMINER'S NOTES 48 1.85 50 46.57 53 172.40 55 59 1,004.00 60 61 82.90 63 77.55 66 67 2.03 68 69 131.69 70 120.57 71 47.93 72 515.06 73 59.33 6,729.48 Less credit balances 1,237.47 5,492.01 Overdrafts in excess of credit balances in Special Improvement District Funds 5,492.01 INVESTMENTS Sinking Fund. Principal 5,000.00 Premium 126.66