11490. First National Bank (Philipsburg, MT)

View Charter #4658 on SPMC

Bank Information

Episode Type: Run → Suspension → Reopening
Bank Type: national
Bank ID: 4658
Charter Number: 4658
Start Date: May 23, 1893
Location: Philipsburg, Montana (46.332, -113.294)

Metadata

Model: gpt-5-mini
Short Digest: f7c93cea

Response Measures

Accommodated withdrawals, Full suspension, Books examined

Receivership Details

Date receivership started: 1893-07-08
Date receivership terminated: 1894-01-29
OCC cause of failure: Losses

Description

A run occurred in late May 1893, the bank suspended/closed June 30–July 1, 1893 and was placed in receivership. The bank later reopened January 28, 1894 after arrangements and permission from the Comptroller. Suspension is described as due to stringency/withdrawals following mine closures and inability to realize on paper. OCR typos corrected (Phillipsburg/Philipsburg variants).

Events (8)

1. December 5, 1891 Chartered

Source: historical_nic

2. May 23, 1893 Run

Cause: Local Shock
Cause Details: Heavy withdrawals (a run) occurred in late May 1893 amid local stringency and business conditions (mine-related distress referenced later); depositors rushed for funds.
Measures: Bank transferred money and drew funds to meet withdrawals; solicited/received offers of voluntary assistance from other banks though it coped without outside help.
Newspaper Excerpt: they tided over the rush Tuesday without assistance from anyone ... since the run took place
Source: newspapers

3. July 1, 1893 Suspension

Cause: Local Shock
Cause Details: Suspension caused by sudden withdrawal demands after mine closures and an inability to obtain sufficient credit or realize on paper during a market stringency.
Newspaper Excerpt: The closing down of the Bi-Metallic and Granite mines was followed to-day by the suspension of the First National bank of Philipsburg ... The bank depositors wanted their money in a hurry, and as the bank was unable to get enough of its line of credits in to accommodate them payment was suspended.
Source: newspapers

4. July 8, 1893 Receivership

Source: historical_nic

5. July 8, 1893 Receivership

Newspaper Excerpt: Bank Examiner Wilson has completed his work ... the receiver has been appointed ... Mr. Luke of Helena has been appointed receiver. (placed in the hands of a receiver July 8, 1893.)
Source: newspapers

6. January 28, 1894 Reopening

Newspaper Excerpt: The First National bank, of Philipsburg which suspended last July, will resume business to-morrow, greatly strengthened ... It will open its doors with three dollars in cash on hand for every dollar of its demand liabilities.
Source: newspapers

7. January 29, 1894 Restored To Solvency

Source: historical_nic

8. February 10, 1897 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (19)

1. May 25, 1893 The Philipsburg Mail Philipsburg, MT

Article from The Philipsburg Mail, May 25, 1893

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once by special train if desired, Voluntary assistance was also offered from other banks in Helena and Butte all of which go to show that the First National of Philipsburg and the priyate bank at Granite are solid as any in the country and inasmuch as they tided over the rush Tuesday without assistance from anyone their standing in the financial world will be greatly elevated. One of the most incredulous rumors that have been put afloat since the run took place, is in the statement that the bank caused the report to go out for the purpose of causing money time certificates to be drawn out and thereby avoid paying interest on them. There is no question but that a great many such deposits were drawn and the interest was saved by the bank, but on the other hand the run put the bankers to an equal or greater expense in transferring money and other expenditures that necessarily follow such a procedure. One pleasing feature about the run was in the fact that the business men of Granite and Philipsburg showed not the slightest alarm during the run and instead of withdrawing they proceeded with the natural transaction of business with the banks.

2. July 2, 1893 The Helena Independent Helena, MT

Article from The Helena Independent, July 2, 1893

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SUSPENDED AT PHILIPSBURG. A National Bank and n Mercantile Company Closed. PHILIPSBURG, July 1.-The closing down of the Bi-Metallic and Granite mines was followed to-day by the suspension of the First National bank of Philipsburg and the closing of the doors of the Freyschlag Mercantile company. The bank depositors wanted their money in a hurry, and as the bank was unable to get enough of its line of credits in to accommodate them payment was suspended. The assets are two or three times more than its liabilities and the suspension will be only tempo ary.

3. July 2, 1893 The Herald Los Angeles, CA

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WESTERN BANK FAILURES. Nebraska, Colorado and Other States Farnish Their Quota. BEATRICE, Neb., July .-The Nebraska National bank and the American bank failed this morning. Each had a capital of $100,000. The American bank's deposits will not exceed $60,000, and the assets are entirely sufficient to pay all demands. The Nebraska National bank has deposits of over $100,000, but the assets are in good ehape if no run is made on the other banks. SALIDA, Colo., July 1.-The Chaffe County bank made an assignment this morning with liabilities between $80,000 and $90,000, while the assets are not yet known. Slow collections is given as the cause of the failure. A run was averted on the First National bank, which closed at 11:30 until Monday. The directors say the depositors will be paid in full. OURAY, Colo., July 1.-The First National bank closed this morning, owing to the want of currency. Assets $110,000 and liabilities $42,000. It will prob ably resume in a few days. A run was inaugurated on Thatcher Brothers' Merchants' and Miners' bank, but it was only a slight flurry. WEBB CITY, Mo., Julr 1.-The Exchange bank of this city assigned today. Deposits, $60,000; liabilities not yet known. The stringency in the money market and withdrawal of deposits are assigned as the cause of the failure. WASHINGTON, July 1. - Comptroller Eckels was informed this afternoon of the failure of the First National bank of Phillipeburg, Mont. Comptroller Eckels has appointed J. H. Adams receiver of the failed Citizen's National bank of Spokane, Wash. He also directed Bank Examiner Swan to take charge of the First National bank of Provo, Utah.

4. July 2, 1893 The Sun New York, NY

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In the Care of Bank Examiners. WASHINGTON. July 1.-Comptroller Eckels to-day appointed J. H. Adams receiver of the failed Citizens' National Bank of Spokane. Wash. He also directed Bank Examiner Swan to take charge of the failed First National Bank of Provo. Utah. and Bank Examiner Latimer to take charge of the failed Nebraska National Bank of Beatrice. The First National Bank of Rico. Col., which has also failed. will be placed in the hands of a bank examiner during the day. Comptroller Eckels was informed this afternoon of the failure of the First National Bank of Phillipsburg. Mon. Capital. $50,000.

5. July 2, 1893 St. Paul Daily Globe Saint Paul, MN

Article from St. Paul Daily Globe, July 2, 1893

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An Immense St. Louis Concern in a Receiver's Hands, ST. LOUIS, July 1.-The Madison Car company filed articles of assignment in the recorder's court at Edwardsville, Ill., today. The assets are given at $918,000 and liabilities at $1,122,000, Paul A. Fusz is named as assignee. The company recently erected a large plant for the manufacture of railway cars at Madison, III., opposite this city, and has endeavored to build up a city similar to Pullman, III. The company has been in straitened circumstances for some time, and the stringency of the money market has precipitated the failure. About 690 were employed at the works. The announcement of the failure created surprise in mercautile circles in this city, owing to the fact that the stockholders of the company are all St. Louis people. Many of the stockholders are also heavily interested in the Merchants' Bridge, the Security Building and other large enterprises. The company is capitalized at $500,000,and about six months ago floated an additional bonded indebtedness of $500,000. This was used in p ying off pressing obligations. The company has done a heavy business in manufacturing railway cars and material, and it is said had some difficulty in securing payment for material and rolling stock furnished to different railroads. OSALT LAKE, Utah, July 1. - The National Bank of Commerce at Provo closed its doors this morning owing to a run caused by the failure of the First National bank yesterday. Assets, $80,000; capital. $50,000; other liabilities, $25,000. FORT WORTH, Tex., July 1.-The Exchange bank at Iowa Park closed its doors yesterday. The liabilities and assets are unknown here, but it is believed that the depositors will be paid in full. A sudden withdrawal of deposits coused the suspension. PHILADELPHIA, July 1.-Executions have been issued from common pleas court on five judgments entered on judgment notes aggregating $44,842.40, against Charies Illingsworth, dealer in morocco. OMAHA, Neb., July 1.-The Nebraska National Bank of Beatrice, capital: $100,000, and the American Bank of Beatrice, a small concern, both closed their doors today. They have been in a weak condition for some time. DENVER, Col., July 1.-The First National Bank of Rico closed its doors yesterday because of a run. Matters are decidedly critical, for the miners are excited and talk wildly of bloodshed. Those dis missed from work were paid with checks on the bank. and they are clamoring for coin. All business firms have shut down on crodit. WASHINGTON, July 1.-Comptroller Eckels today appointed J. R. . Adams receiver for the failed Citizens' National Bank of Spokane. He also directed Bank Examiner Swan to take charge of the failed First National Bank of Provo, Utah, and Bank Examiner Latmer to take charge of the failed Nebraska National Bank, of Beatrice, Neb. Comptroller Eckels was informed this afternoon of the failure of the First National bank of Phillipsburg, Mont. He has directed Bank Examiner Aubry to take charge of the failed National Bank at Ricu, Col.

6. July 4, 1893 New-York Tribune New York, NY

Article from New-York Tribune, July 4, 1893

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SEVERAL BANKS CLOSE THEIR DOORS. Albuquerque, N. M., July 3.-The following nottee was posted on the door of the Albuquerque National Bank this morning: "The Albuquerque National Bank is compelled temporarily to suspend business. This has been brought about by unusual demands of depositors since the suspension of the California banks about ten days ago, and the absolute impossibility during the present business depression to call in our loans. It is confidently hoped that we can resume business. and that every creditor will be paid in full, as the assets greatly exceed the liabilities." Golden. Col. July 3.-The McPherson County Bank made an assignment for the benefit of its creditors this morning. "Impossible to collect on notes outstanding" is given as the cause of the failure. No statement.as to assets and liabilities has so far been made public. Washington, July 3.-Controller Eckels is informed that the National Bank of Commerce of Provo, Utah. and the First National Bank of ouray. Col.. closed their doors to business on last Saturday. He is also advised that the First National Bank of San Diego. Cal. which fatled about a month ago. will resume business on next Wednesday. It is probable also that the falled Washington National Bank of Spokane, Wash. will resume business in A committee representing the about ten days. stockholders and officers of the failed First National Bank of Arkansas City, Kan., had an audience with Controller Eckets this morning looking to the reopening of that institution it will also probably be abi to resume business in a short time. Phillipsburg, Mont, July 3. The First National Bank closed its does on Starday m riving. There is no doubt of the solveney of the institution. and as soon as matters are 8 raightened out business will be resume

7. July 4, 1893 The Sun New York, NY

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A Montana Bank Falls, PHILLIPSBURG, Mont., July 3.-The First National Bank closed its doors on Saturday morning. and a notice on the door gave the reason that stringency in the markets and continued demand of depositors. together with an inability to realize on their paper, compelled the bank to temporarily suspend payments. There is no doubt of the solvency of the institution. and, as soon am matters are straightened out. business will. be resumed. The mercantile firm of Freyschlag. Hoffinan & Co. was compelled to make an assignment Saturday.

8. July 12, 1893 The Star Reynoldsville, PA

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. BALTIMORE, Mo.-The individual banks of this city and the Clearing House association have refused to longer assume responsbility for checks, etc., deposited with them until after collection has been made by them. The First National Bank of San Diego, Cal.. which suspended a month ago, has re. sumed. ALBEQUERQUE, N. M.-The albequerque National Ban't suspended and the New Mexico Savings Bank and Trust Company, an adjunet, also closed. GOLDEN. Coto.-The Jefferson County bank in this city has made an assignment. PHILLIPSBURG, MONT.-The First National bank closed its doors. Ward's bank of Fosterville, N. Y., has failed. There were $75,000 of deposits. The body of the proprietor was found in the rear of his house. He CO nmitted suicide. WINNIPEG, MAN.--The Commercial bank of Manitoba has been declared insolvent and liquidators have been ap; ointed. The bills of the bank are as good as gold under the Dominion law. The American Loan and trust Company Omaha, Neb., went into the hands of a receiver. The company has a paid up capital of $400,000. The cause of the failure was the failure at Houston, Tex., of the Omaha and Houston Improvement Company. The Finley county bank of Garden City, Kas., has failed. The American National bank. of Pueblo, Col., was not opened Wednesday morning. Notices on the door stated that the bank will resume as soon as it can secure money on its paper. After the suspension of the American National bank became known. the Central National and the Western National closed. These are all sound concerns and assets are ample. NEW YORK.-The New Jersey Sheep and Wool Company and the Gausevort Market Sheep Company failed Thursday morning. It is feared the failures will affect many small concerns. The liabilities will exceed $500,000, OMAHA. NEB.--The National bank of Ashland clo ed its doors. The closing of the American Saving Bank of this city are sup. posed to be the cause of the failure. NEW YORK.-A run started on the Jefferon County Savings bank. Governor Flower was present and in a speech gave assurance that the bank was entirely safe. The speech had an excellent effect. OMAHA, NEB-The American savings bank suspended with deposits of $159,000 and assets of $259,000.

9. July 13, 1893 The Philipsburg Mail Philipsburg, MT

Article from The Philipsburg Mail, July 13, 1893

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S THE FIRST NATIONAL AN ESTIMATE OF ITS ASSETS AND S LIABILITIES p e Over $194,000 in Securities and $124,t i 000 in Deposits - The Examiner's n Report Finished - Receiver Apa pointed During This Week. e i e The condition of the First National bank is something that interests everybody in the district, no matter whether they have money deposited there or not. The closing of the bank affects everybody, and there is hardly anyone but what would like to see the affairs of that institution straightened up and have it resume as soon as been industriously THE MAIL business employed representative during possible. has the past few days in endeavoring to get some reliable information for the benefit of its readers, and we think we are able to give a pretty correct statement of the condition of affairs. Bank Examiner Wilson has completed his work and has transmitted his report to the government in Washington. in the receiver has been appointed per- A son of Mr. Luke, of Helena, and it is expected that he will begin his duties in a day or two, as his commission is expected to arrive from the national capital by that time. The following figures were given to THE MAIL by one of the directors in the bank, who says that they are correct in round numbers. The assets of the institution are $192,000 and the liabilities $124,000, which leaves an excess of $68,000 over the liabilities of the concern. Then the stockholders are individually responsible for $50,000, the amount of the capital stock. With this sum added to the assets $192,000, it gives $242,000 to pay an indebtedness of $124,000, providing all the paper is good, and it is a pretty well assured fact that it is as in this all good, banks part of nearly the country have never been noted for letting anything go without pretty good security. We are informed from the same source that every effort is being made now to pay off the depositors with the idea in view of resuming business. It has been rumored around town that the firm of Freyschlag, Huffman & Co. owed the bank $66,000, but the truth of the matter is that the sum is only about $3,000. It will be seen by the above figures that the institution is not in such a bad condition after all. The only point is that it may require some time in which to realize on the securities, in which event a dividend will be declared among the depositors as soon as possible, and as the remainder is collected it will be turned over in the same manner until all are paid in full. This will be the case unless money 18 raised by the stockholders and a settlement is effected without waiting to realize on the paper. The stockholders claim positively that every dollar owed to the depositors will be paid in full, no matter what the outcome 18.

10. July 13, 1893 The Middleburgh Post Middleburg, PA

Article from The Middleburgh Post, July 13, 1893

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. BALTIMORE, Mo.-The individual banks of this city and the Clearing House association have refused to longer assume responsbility for checks, etc., deposited with them antil after collection has been made by them. The First National Bank of San Diego, Cal., which suspended a month ago, has reumed. ALBEQUERQUE, N. M.-The albequerque National Ban's suspended and the New Mexico Savings Bank and Trust Company, an adjunct, also closed. GOLDEN. Coto.-The Jefferson County bank in this city has made an assignment. PHILLIPSHURG, MONT.-The First National bank closed its doors. Ward's bank of Fosterville, N. Y., has failed. There were $75,000 of deposits. The body of the proprietor was found in the rear of his house. He CO nmitted suicide. WINNIPEG, MAN.-The Commercial bank of Manitoba has been declared insolvent and liquidators have been ap: ointed. The bills of the bank are as good as gold under the Dominion law. The American Loan and trust Company Omaha, Neb., went into the hands of a receiver. The company has a paid up capital of $400,000. The cause of the failure was the failure at Houston, Tex., of the Omaba and Houston Improvement Company The Finley county bank of Garden City, Kas., has failed. The American National bank of Pueblo, Col., was not opened Wednesday morning. Notices on the door stated that the bank will resume as soon as it can secure money on its paper. After the suspension of the American National ban't became known. the Central National and the Western National closed. These are all sound concerns and assets are ample. NEW YORK.-The New Jersey Sheep and Wool Company and the Gausevort Market Sheep Company failed Thursday morning. It is feared the failures will affect many small concerns. The liabilities will exceed $500,000. OMAHA. NEB.--The National bank of Ashand clo ed its doors. The closing of the American Saving Bank of this city are supposed to be the cause of the failure. NEW YORK.-A run started on the Jefferon County Savings bank. Governor Flower was present and in a speech gave assurance that the bank was entirely safe. The speech bad an excellent effect. OMAHA, NEB-The American savings bank suspended with deposits of $153,000 and assets of $259,000.

11. July 14, 1893 The Anaconda Standard Anaconda, MT

Article from The Anaconda Standard, July 14, 1893

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The Philipsburg Bank. Bank Examiner Wilson has finished his examination of the affairs of the First National bank and has forwarded his report to Washington. The bank's assets are figured up at $192,000. This includes all the securities held by the bank. nearly all of which are believed to be available. The liabilities are $124,000, leaving a credit balance of $68,000. Mr. Luke of Helena has been appointed receiver.

12. July 27, 1893 The Philipsburg Mail Philipsburg, MT

Article from The Philipsburg Mail, July 27, 1893

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THE FIRST NATIONAL. What Mr. Luke, the Receiver, Has to Say Regarding That Institution. Everybody is naturally anxious to learn something about the affairs of the First National bank. and THE MAIL is anxious to enlighten the depositors in that concern at the earliest possible time. It IS a fact. however, that no personnot eve.t the receiver-is able of giving definite information regarding its affairs just now. The total assets of the institution are, as stated in THE MAIL recently, $192,000 and the liabilities $124,000, which leaves an excess of $68,000 over the liabilities. Then with the $50,000 that the stockholders are liable for added to the assets, $192,000, it gives $224,000 to pay an indebtedness of $124,000. From such a statement it would appear that the bank will not only pay dollar for dollar, but would be left in condition tc resume business if they SO desired. Mr. R. A. Luke, the receiver in charge of the bank, was seen by THE MAIL representative yesterday, and being asked for a statement, he replied that such was impossible at this time. "I have already realized considerable money," said Mr. Lüke, "from those indebted to the bank," and with sufficient time he seemed to think there would be no difficulty in realizing in full on all outstanding paper. "Just at this time," remarked Mr. Luke, "it 18 impossible to push collections. No one has any money, and by seizing collateral nothing is gained, as it is next to impossible to realize upon it. All persons who have deposits in the bank must get in their claim for the amount, which is compared with the books of the bank, and if found correct the depositor IS given a receiver's check for the full amount, and when a dividend is declared this certificate is to be presented to the bank for receipt of dividends." When a dividend will be declared is not known by anyone at this time. The comptroller allows three months for depositors to present their claims, but it is optional with the comptroller whether he declares a dividend before the expiration of that time or not.

13. August 20, 1893 The Helena Independent Helena, MT

Article from The Helena Independent, August 20, 1893

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Personal and Genera'. C.A. Hovey has returned to Michigan to live. Miss May Word is visiting at Virginia City. Miss Lizzie Sims went to Chicago last Wednesday. Jesse :toner has gone to Townsend for a week's outing. W. B. Sleeper. of Billings, is in the city for A few days. Miss Alberta Quirk is visiting the Misses Nagle in Butte. Joseph Scott, of Miles City, spent Monday in the city. Mrs. Benton. of Seattle, is visiting her mother, Mrs. Weir. Miss Jennie Noonnn is out for a few days at the Adams camp. R. A. Harlow was over to White Sulphur during the last week. Lewis Penwell returned from White Sulphur Springs Friday. L. G. Phelps, of Great Falls, was in the city Thursday and Friday. Miss Blackstone has returned after a visit to Chicago and Wisconsin. Mrs. L.C. Stebbius and daughter left for Cincinnati Inst Wednesday. Miss Gertrude Harrison, of Baxendale, is spending Sunday in Helona. W. J. Anderson, the Livingston cattle man, was in Helena Monday. Mrs. N. P. Walters left Tuesday for a visit to St. Paul and Chicago. E. E. Berkey, of the Western Union, left for a trip to Chicago Saturday. Mr. and Mrs. Tatem have taken the O.R. Allen house on Madison avenue. Miss Jennie Herner left last Wednesday fo. A visit with friends in Butte. Miss Mary Hill, of Fifth avanue, returned from a vieit to Chicago Tuesday. W. E. Miller, of lown. is in the city, the guest of his brother, T. B. Miller. The Rev. R. V. K. Hairis bold services in Maryaville and Empire last week. C. Wilson, of the Montana Shoe comrany, went to Chicago Thursday. Mr. and M.e. Reeder, of Eighth avenue, have gone to join A camping party. Edward H. Crowell has returned home after a few days' visit to Baxendale. P. J. Schellhorn and A. O. : baw have returned after a two weeks' vacation. Harry Yenger and Gilman Bollard 10turned Thursday from a fishing trip. Mr. and Mrs. J. T. Walsh left Tuesday for a visit to Chicago and Wisconsin. W. E. Miller and E. : French had a week's fishing over the Big Blackfoot. A. B. Cook, state auditor, went to Bozeman Thursday on 11 fishing expedition. Fred Yaeger and James Cluster are out of town for A week's hunting and fishing. The Rev. T. V. Moore exiled from Eugland this week, enronte from Montana. F. A. Richold and F. D. Miracle returned from H camping expedition last Tuesday. Mrs. Woodbridge is visiting relatives in West Virginia. the is expected home soon. Mrs. Sninh F. Reynolds and family have gone camping for n week on the Missouri. Miss Millie Nagle, of Butte, is visiting her aunt, Mrs. Morris, of the Homer block. R. A. Luke, receiver of the First National bank of Philipaburg, spont Funday in the city. E. B. Weisick has returned to Helena after an absence of two weeks in Great Fails. The treasurer of the Annoonda smelter. Mr. Fitzgerald, and his wife are in Helena to. a few weeks. They are occurving the

14. November 2, 1893 The Philipsburg Mail Philipsburg, MT

Article from The Philipsburg Mail, November 2, 1893

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THE FIRST NATIONAL BANK. Its Proposition to Depositors In View of Resuming Business. The following circular is being addressed to the various depositors of the First National bank. PHILIPTBURG, Mont., Oct. 25, 1893. To the depositors of the First National bank of Philipsburg, Mont.: Owing to the stringency of the money market this bank was compelled to close its doors on June 30th, 1893, since which time it has been placed in the hands of Mr. R. A. Luke as receiver. The comptroller of the currency has consented to permit the reopening of the bank on condition that the depositors agree to a proposition which will enable the bank to resume with no indebtedness except to depositors-that is, without borrowing money. The bank has sufficient assets to pay every claim, but in order to do SO must have time to make collections. With this end in view we ask you to assist us by signing the enclosed agreement and return to us. A similar agreement has been signed by the principal depositors. Certificates will be issued in amounts to suit depositors. Will be pleased to have your reply by Nov. 16th, as we wish to resume Dec. 1st. The certificates will be paid at an earlier date than specified if collections can be made. We believe you will receive your money much quicker by agreeing to these terms than by leaving the bank in the hands of a receiver. Should you at any time, after receiving certificates, wish them in different amounts, or issued to others, we will make the changes desired. JAMES H. KING, Cashier. The circular also contains the names of most all the business men of Philipsburg who have deposits in the bank and who have agreed to the plan. The following agreement is that which they are asked to sign: "I hereby agree, in case the First National bank resumes business, that 1 will accept certificates of deposit for my claims against said bank, payable in four, eight, twelve and sixteen months, bearing interest at the rate of six per cent. per annum for the time specified." The proposition made by this bank is similar to that of other national banks that have been allowed to resume, but the limit of time on the deposit certificates given by the Philipsburg bank is shorter than in most cases.

15. November 16, 1893 The Philipsburg Mail Philipsburg, MT

Article from The Philipsburg Mail, November 16, 1893

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panic. The logic is good, and it shows that it is better to sign the forms prepared at the instance of the comptroller and assist the banks in resuming business than it is to allow the receivers to settle up the affairs of the different institutions. Mr. Lynch states, and he knows what he is talking about, that it will take from six to eight years to settle up the affairs of some of the suspended national banks, while, by the plan of resumption, everybody will receive their money in from one to two years in dividends. In the case of the Philipsburg bank they agree to settle up in sixteen months at the outside, and will in all likelihood do SO in much less time, as this institution is in much better shape financially than most of the others. The depositors should weigh these facts and act accordingly. The people here are almost without exception signing the time agreement, and if those who have not yet been interviewed will do SO as soon as possible it will be but a short time before the First National of Philipsburg is doing business again. The sooner the bank is enabled to open the earlier the dividends will begin to be paid.

16. January 28, 1894 The Helena Independent Helena, MT

Article from The Helena Independent, January 28, 1894

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FIRST OF PHILIPSBURG. It Will Re-Open To-Morrow Morning for Business in Splendid Condition. The First National bank, of Philipsburg which suspended last July, will resume business to-morrow, greatly strengthened and in every way entitled to the confidence of the people of Deer Lodge county. It will open its doors with three dollars in cash on hand for every dollar of its demand liabilities. The following officers have been elected: Jos. A. Hyde, president; J. M. Merrill, viee-president, and Jas. H. King, cashier. There has never been any question as to the ample resources of the First. of Philipsbarg, nor of its conservative management, and the suspension WAR the result of circumstances over which those interested had no control. Shortly after the suspension Mr. R. L. Luke, of Helena. was put in charge of the bank, and he retires to- morrow with the esteem both of the officers and depositors. The result has proven what his Helena friends knew it would, that his appointment by Comptroller Eckles was a wise one. The best wishes of Helena are extended to the First, of Philipsburg. with the hope that its resumption will inaugurate such an era of bxsiness activity as the resources of that section of Granite county so amply justify.

17. January 29, 1894 Evening Star Washington, DC

Article from Evening Star, January 29, 1894

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A Bank Resumes Business. The First National Bank of Philipsburg, Montana, which was placed in the hands of a receiver July 8, 1893, having been restored to solvency with unimpaired capital, has been permitted by the controller of the currency to reopen its doors today for business.

18. February 2, 1894 The Weekly Tribune Great Falls, MT

Article from The Weekly Tribune, February 2, 1894

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The First National bank of Philipeburg, Montana, which suspended last July, opened its doors to the public Monday with three dollars in cash on hand for every dollar of its demand liabilities.

19. February 5, 1894 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, February 5, 1894

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National Banks in the Pacific Northwest. WASHINGTON CITY, Feb. 4.-[Special.]The First National bank of Phillipsburg, Mont., which was placed in the hands of a receiver July 8, 1893, having been restored to solvency with unimpaired capital, has been permitted by the comptroller of the currency to open its doors for business. The following changes in officers of national banks are announced by the comptroller: Washington-The / First National bank of Colfax, no cashier in place of Charles F. Russell. Idaho-The First National bank of Kendrick, Fred Bregman assistant cashier. Oregon-The First National bank of The Dalles, George A. Liebe, vice president; the First National band of Heppner, S. H. Spencer, assistant cashier in place of C. I. Lewis; the McMinnville National bank. McMinnville, N. S. Link, assistant cashier; the First National Bank of South. ern Oregon, at Grants Pass, C. F. Cass, president in place of J. C. Campbeil; the First National bank of Corvalis, W. T. Wiles, vice president in place of Z. H. Davis: the United States National bank of Portland, James Newlands, assistant cashier in place of F. W. Sherman.