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Shelby's Last Bank Closed by Examiner SHELBY, Mont., July 24.-Shelby is bankless today. The First State bank of Shelby closed its doors yes. terday and is in the hands of the state bank examiner. It failed once before in 1923, following the Dempsey-Gibbons fight fiasco. "Frozen assets" Was assigned as the cause of yesterday's action.
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Shelby is Again Without a Bank By United Press Leased Wire SHELBY, Mont., July 18.--After being dragged to its corner in. a groggy condition and resuscitated two years ago, the First State Bank here has again gone down for the count and Shelby today is once more without banking facilities. The institution took a long count as a result of the Dempsey-Gibbons fight fiasco here two years ago, but was revived and placed upon its somewhat shaky legs during December, 1923. Yesterday the bank failed to answer the call at opening time and officers declared that inability to realize on claims against the old bank had forced a second suspension.
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SHELBY BANK MAY SOON DO BUSINESS Shelby, July 17.-The First State Bank, which closed here Wednesday, will be reopened early next week, according to Henry Gerharz, its president, who said that the $50,000 demanded by the state banking department to guarantee solvency, had been raised by the stockholders. He declared a further substantial amount had been raised by popular subscription in Shelby, to offset any run that might develop when the bank reopened. A. L. Ritt, deputy state bank examiner, who has charge of the bank, is expected to remain in Shelby about 10 days. The First State Bank closed for the first time July, 1923. It reopened December, 1923, with a complete new organization, but carrying the old assets. The report issued June 30, 1925, gave the demand deposits at $180,279.19, and the time deposits at $202,352. The officers and directors are Henry Gerharz, president; M. E. Mathews, assistant cashier; L. ] N. Eckel, vice president; F. E. Williams, second vice-president; directors: A. L. Jacqueth, F. E. Williams, W. W. Thorne, W. F. Rhoda and J. B. Pike. Other stockholders are Charles Emmons, M. J. Speer, Mrs. Emma Alward, Thomas W. Costello, Jesse J. Henderson, B. S. Boise, William Houston, George Brewron and Frank Rhoda.
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Examiner Puts Conrad Man in Shelby's Bank Helena, Sept. 30.-Under appointment as a special deputy of the state banking department, P. Kelly of Conrad, former banker of that place and also of Gt. Falls, has taken charge of the affairs of the First State bank of Shelby, succeeding T. T. Taylor, a regular deputy of the department who has been in charge of the bank since its closing about two months ago. Mr. Kelly will remain in charge of the bank pending re-organization. State Superintendent of Banks J. G. Larson stated Wednesday that unless complete satisfactory strides toward re-organization shall have been made within a week or 10 days the bank will be thrown into a receivership.
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Members to See Depositors Report at Public Meeting Here Sundayto Reopen At the regular Lions Club noonday luncheon today, the situation concerns the First State bank was thoroughly discussed. President Gerharz the bank's history since its closing, and facts and figures to how the situation stands this time and what still necessary accomplish in order that the bank be reopened. Douglas Parker of Sweet Grass, who guest the meeting, gave very interesting talk what bank means community, and what the community should be willing do in order to have bank. He among other things: other business the standing of community as does bank. If you don't reopen this bank you are advertising to the world that the town dead, while you reopen the bank you are advertising the world that have live town, and one whose business such that needs support Jesse Henderson spoke briefly, giving his ideas to the value of bank. He told story indicating how the oustide public feels about the spirit Shelby citizens. Two happened to meet at Great One of them asked the other they going reopen the First State bank Shelby. The second said he hadn't heard that they were ing reopen, but added: want you this: have lived Cut Bank, Conrad and Shelby. fthis fort were being made Cut Bank Conrad wouldn't know whether they would succeed; but if the fellows Shelby start to reopen the bank, do because those fellows always finish what they start." Henderson ended with tribute to the citizens of Shelby and said that he knew they would whatever necessary to reopen the bank; that their original not they would subscribe some more. Various other members spoke, statthey knew the Shelby people wanted the bank reopen, and that each citizen would do his utmost, and that all that necessary tell the people what has to be done in order have done. some discussion of ways and means of how to best accomplish the sought, voted that each member appoint himself committee of many depositors possible between and Saturday meeting afternoon the fice of the Johnson company, which the public invited. The meeting disclosed that raise $20,000 addition the $110,000 which has already been subscribed. This be done either by further subscriptions the trust fund, or the purchase stock. Members the Lions Club will call many of the citizens between and Sunday. that the club engage activity which means much the does the reopening the First State bank. Lions Club Greybull, efiorts, and the Lions Shelby believe that what has been done Greybull can without question done at Shelby.
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SHELBY GIVEN UNTIL NOV. 13 TO OPEN BANK Larson Fixes Conditions for Re-opening; Otherwise Receiver Wiil Be Named Helena. Oct. 26. - Time within which the requirements of J. G. Larson, state superintendent of banks, must be met to permit the re-opening of the First State bank of Shelby has been definitely fixed as Friday, November the 13, and if not met upon that day the bank will be thrown into receivership the following day. This was announced Thursday by Mr. Larson following a conference with Douglas Parker, head of the re-organization committee. The demand of the superintendent of the banks are that present assets to the extent of $125,000 must be eliminated; a sufficient cash or its equivalent must be on hand at. the time of the opening to pay off all demand deposits which may have been due on or before November 1. Mr. Parker was of the opinion these requirements could be met. It is the understanding of the superintendent of banks that all stockholders will meet their stock assessments of 100 per cent, that the depositors are likewise contributing towards the plan for reopening; that there will be changes in the directorate and in the stock ownership, and that considerable stock for the reorganization is being subscribed u for at $150 per share.
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STATE BANK OPENS BUSINESS The First State Bank Shelby opened its doors for business this morning after being forced to suspend July and since which time has been under supervision of the state bank examiner. The bank re-opens with every indication of perfect fact, this condition insisted upon every director and stockholder, well by the superintendent banks, Jay Larson, who here was few previous the opening that his requirements were met. actual hand to meet every possible demand, and believe that the majority people are firmly of the opinion that the First State bank now thoroughly solvent institution. As evidence of this, may cited that at the opening this morning there depositors whatever, outside the door waiting withdraw their balance. Instead, many conservative and staid men business could be quietly enterthe banking room and depositing very substantial their counts, and which during the day taled the very satisfactory amount than while the withdrawn was practically This cited as evidence that the community going be really the bank; matter of fact, very much community enterprise, there being stockholders, practicallocal people, who satisfied that the re-organization absolutely sound. Officers of the Bank The bank's officers now are: Eckel, president; Williams Douglas Parker, Hilliard, experienced and practical banker, Mr. cashier. Hilliard has been bank for and for years, some time past been connected with the First International bank Sweet Grass cashDouglas Parker also chairof the board of directors, fact that alone should inspire confidence recalled that his masterful direction of the Sweet Grass bank rescued from tottering institution and placed solid footing. These men, well others of equal ability, are now in charge of the destinies of the First State Bank. To the stockholders and depositors given the major credit for the re-opening, for without their willingness and in some cases eagerness real sacrifices, would have been impossible. The board of ectors also have been unceasingly active and especially Gerwas Henry harz, who spent practically his entire time since the closing in endeavor to have the bank again going certainly has been very alous situation, city the size Shelwithout bank, when there very probably no more desirable location the entire state. Little towns all prospering measure, doubt on account of our misfortune this respect during the past years. Outside people, of not understand the situation, justified in the absurb belief that Shelby could not support bank. The wonder that the city has stood well under the disaster and the stigma attached and caused by the several bank here. But Shelby sound core and fortunate having class of who believe themselves the future Shelby. They have tasted defeat and misfortune time again; the banking situation many they have been the ragged edge often that their sensibilities have been seared, and fortune was complacently turn, and the belief doggedly expressed, from fighting mayor down the that "things will change appears that are at last that turning point. sound good, bank is of the chief essentials for town's prosperity; believe that finally have one: least, stance there, ready to be worked solid, concrete structure the continued backing of the citizens. take time, to course, overcome the prejudice which undoubtedly justified, but should be overcome. Let speak nothing but good words for the bank; moral effect quite necessary. Knock the knocker; boost with the booster, and all Great chemists succeed process deposit base, asphalt shingles.
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SHELBY BANK'S DEPOSIT LIST IS INCREASED Shelby - Confidence, W hich stockholders in the First State bank at Shelby, which re-opened Thursday, had in the depositors was justified on the opening day, according to Henry Gerharz, who was president of the concern. Instead of a run to take out about $100,000 of deposits, which had been made subject to call, only some $5,500 account was withdrawn Thursday, Mr. Gerharz reported. Deposits that day approximated $1,500 more than the amount withdrawn, so that at the end of the opening day the bank showed a gain of $1,500. One man appeared. before 9 in the morning and pounded for admittance. He was the first caller, and it was suspected that he wished to make a withdrawal. But he insisted that he wished to make a deposit and desired to be the first. He was admitted. The First State bank was closed several months ago, after the state banking department had required the elimination as an asset of a deposit in a banking house which had ceased functioning. Stockholders and depositors made the reopening possible.