First National Bank (Cheyenne, WY)

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Cheyenne Bank Fails to Open

Cheyenne, Wyo., July 9—The First National bank here failed to open this morning. A posted notice stated that the bank was closed by order of the board of directors and was in the hands of the national bank examiners. According to its statement of June 30, the bank's liabilities and resources each were $6,986,209.14 and its deposits totalled approximately $3,500,000.

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TWO CHEYENNE NATIONAL BANKS CLOSED DOORS Rawlins people were much surprised yesterday to learn of the closing of two Cheyenne banks-the First National Bank and the Citizens National Bank. The First National was one of the largest and strongest banks in the state and its suspension was entirely unforseen. Reports from Cheyenne this morning are to the effect that this bank, which has as officers and directors some of the strongest financial men in the state, will undoubtedly be opened in the near future. T. C. Cosgriff, formerly a resident of Rawlins, was at one time the principal stock-holder of this bank but several years ago his interest was practically disposed of to Cheyenne financiers, since which time the bank has been entirely owned and managed by Cheyenne people. Some people have expressed the belief that there was some connection between The First National Bank of this city and the First National of Cheyenne. However, this is unfounded as J. E. Cosgriff, the president of the First National of Rawlins, has never had any interest at all in the Cheyenne bank, and the ownership of the two banks is entirely different. Yesterday's Cheyenne Tribune carried the following account of the suspension of the two Cheyenne banks: The First National bank of Cheyenne did not open its doors Wednesday morning. At 12:15 o'clock Wednesday afternoon the Citizens National bank closed its doors. A posted notice on the door of the First National stated that the bank was closed by order of the board of directors and was in the hands of the national bank examiner. The notice was signed by J. F. Lorang national bank examiner. No statement concerning the closing of the Citizens National was issued, nor was any notice posted. George E. Abbott, president of the bank, when requested to give his opinion as to the causes necesistating the bank's closing, stated that he thought the three principal rea. sons were: "First, extraordinary depreciation in values, more particularly cattle, agricultural products and lands. "Second, excessive taxation. "Third, the broad policy adopted by the bank whereby it undertook to render helpful assistance to the smaller banks of the state in an effort to support the business interests of the state." Mr. Abbott further stated that the "directors of the bank felt that the interests of all the depositors would be best conserved by the closing at this time" and that he was "hopeful the final result would save the depositors any excessive loss."

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J. P. Morgan's Rule Breaks Little Banks; Farmers Lose Again CHEYENNE, Wyo., July 13.-On the day the weary democratic donkeys nominated J. P. Morgan's attorney for the presidential race, two more banks went busted here. The First National bank and the Citizens National bank closed their doors, while the biggest banker of them all tells the "asses" who they must name for their candidate. The international banker runs the government, while the farmers lose what little they had left in the breaking of the little banks. "Farmers! You have nothing to lose but your mortgages!" is getting to be the new slogan.

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TWO NATIONAL BANKS SUSPEND IN CHEYENNE The First National Bank, and the Citizens' National Bank, both Cheyenne institutions, suspended business on Wednesday of last week and will be closed until their affairs can be checked thoroughly by the national bank examiners. The assets and liabilities as shown by their recent statements amount to from four and one-half to seven million dollars each, and they were capitalized for $100,000 and $200,000 respectively. Three principal reasons were given for the closing of the banks: "First, extraordinary depreciation in value, more particularly cattle, agricultural products and lands. "Second, excessive taxation. Third, the broad policy adopted by the banks whereby they undertook to render helpful assistance to the smaller banks of the state in an effort to support the business interests of the state."

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2 Cheyenne Banks With $6,200,000 Deposits Close

Cheyenne, Wyo., July 10.—The First National and the Citizens' National Bank, both of Cheyenne, with deposits approximately $6,200,000 closed yesterday. The First National Bank failed to open for business this morning and the Citizens' National Bank closed its doors shortly after noon.

A statement following the closing of the First National declared that unprecented depreciation in the value of cattle and agriculture lands, excessive taxation and attempts to aid the smaller banks of the state were responsible for the closing.

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COMMERCIAL BANK RECEIVER CALLED TO WYOMING CITY

T. E. McClintock, receiver of the Commercial National bank of Great Falls and the Stockmen's bank of Fort Benton, has been called to Cheyenne, Wyo., to take charge temporarily of the First National bank of that city, which recently closed.

During his absence J. E. Rigler is in charge of the local bank and James M. Bartley taking care of the Fort Benton bank. Mr. Bartley will also have charge temporarily of the Highwood and Carter banks which were under Mr. McClintock's supervision.

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CHEYENNE AND CASPER BANKS SUMMONED

A writ calling absent defendants to appear in the United States District court at Omaha, August 28th, has been served by the Marshal's office here on the First National bank and Receiver McClintock of the First National, and a similar writ will be served on the Wyoming National bank of Casper. The action, which was named in the writ, is understood to involve the payment of $60,000 by the Omaha National bank to the First National here. An injunction has been sought in the Nebraska Federal court to restrain the First National from using this money.—Cheyenne Tribune Leader.

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Former City Clerk Of Cheyenne Sued By Defunct Bank CHEYENNE, Wyo., Feb. 37. Name Charles B. Balley, former city clerk of Cheyenne, and his wite, Margaret B. Bailey, have been aued by the recelver of the defunct First National bank for $900, a note for which signed by them Is among the "paper" of the failed bank. Real estate owned by the Baileys here has been attached by the receiver. Bailey Is now a resident of Windsor, Ontario.

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LATE NEWS From All Over WYOMING Fire of an unknown origin destroyed he quartermaster stable of Fort D. A. Russell near Cheyenne. The loss was 000'000 Sheridan will have a police matron, t was decided by Mayor J. F. Kirkatrick in employing Mrs. L. M. Bor lewick for the position Wheatland is jubilant again over the vire that was received recently from he Colorado & Southern railroad oflicials, stating that the "North Spur" ome seven mtles in length, would be uilt this spring, provided the right-ofvay could be secured by the Wheatpeeple, pun Four children of Sylvester Robins, anging in age from 1 to 5 years, pershed in a fire which totally destroyed he home of their parents at Freedom. When the parents returned from a lance the flames had gained such eadway that rescue efforts were fuile. Sheridan High School carried away he basketball championship banner at he close of the first basketball tourament ever held in northeastern Wyoning. Campbell County High School von second place, having been deented by the nimble lads from Sherdan. 27 to 10. The Intermountain Water and Powr Company has completed its water system at Salt creek. More than thiry miles of line make up the entire system through which the company .S barrets 000'09 Sujuun. of water daily. The main line is about lifteen miles long. The acreage which will be planted -UJOIA the u: and spp beets JuDns 0 ty of Douglas will be more than doule the acreage used for this purpose ast year, according to a survey made ase week which shows that over 1,000 icres, some of it land that has proluced alfalfa for years, will this year beets, JuBns Investigation of the Medicine Wheel and Big Horn canon area of the Big Horn national forest to learn its natiral park possibilities, has been asked n a resolution passed by the Sheridan Rotary and Lions clubs. A national bark in that section has the support of the National Parks committee, the Ecological Society of America and the Council of National Parks. New York Oil Company, which ranks is one of the largest independent operators in the Rocky Mountain district and provides Casper with its domestic tas supply, during the year ended Dec. 31. 1924, had net earnings of $862,61.05 without depreciation or depleion being taken into account, or at the rate of approximately 10 per cent on the market value of outstanding stock. The receiver of the Citizens' Loan Company, an adjunct of the Citizens' National Bank, which company suspended last July 9 on the same day that the Citizens' and First National banks of Cheyenne and several associated Wyoming and Colorado banks failed, has declared an initial dividend of 20 per cent. It is stated that the

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LATE NEWS From All Over WYOMING The Department of Colorado and Wyoming. United Spanish War Veterans, will hold its annual departmental meeting in Laramie, July 2, 3 and 4. The "Baby Party." held at the Wheatland General Hospital, was an unqualified success. The hospital was thronged with children and their friends from early morning until dark. The sugar beet acreage of the Powell valley has been all planted and of these 2,000 acres at least 500 acres of the crop is well up out of the ground. This is unprecedented for so early in the season. The Clearmont State Bank, which closed Its doors on April 23, 1924, recently paid its first dividend of 10 per cent to 190 depositors in the defunct Institution. The total dividend amounted to $6,023.67. "Old timers" of Weston county enjoyed a stag dinner at the Antlers Cafe in Newcastle. Invitations were extended only to the men who were residents of or were Identified with Weston county in 1890. W. F. Henning and A. K. Bott have purchased the interests of Fred Klink and A. J. Campion of Denver in the Western Hotel Company, which operates the Henning Hotel at Casper, according to announcement recently made. Widespread rumors charging that certain students at the University of Wyoming are being paid for present or future participation in college athletics were declared "false and un true" in a resolution passed at a special mass meeting of the university student body. An urgent call for young men to attend the Citizens' Military Training Camp at Fort D. A. Russell from June 12 to July 11 was sounded by Col. Joseph S. Herron, commanding officer of the 76th field artillery in Cheyenne. The annual convention of the Wyo ming Stock Growers' Association was held in Douglas, June 2 and 3. Plans have been formulated by which the Wyoming Motor Club will attempt to sell Wyoming to its own residents and then to the world, making the state the most popular tourist ground in the country and bringing thousands of travelers annually into the state to travel over a master scenic road system unequalled by any state in the Union. At the commencement of the University of Wyoming, June 10, there will be ninety-four students to receive degrees and diplomas, the largest number in the history of the Institution. Seventy-three will receive degrees and twenty-one normal diplomas from the College of Education. In 1924 there were fifty-nine seniors for degrees and twenty-four with normal diplomas. The Southern Wyoming Baptist Association was in session at Laramie last week with forty-seven delegates and visitors present. Rev. Claude Richmond, pastor of the Laramie Baptist Church, was elected moderator for the coming year. Rev. Mr. Moorman of the First Church at Cheyenne was the preacher, taking the topic, "The Church of the Future," as his subject. Efforts of the Natrona county board of commissioners to collect tax on crude oil In storage are branded as illegal and unwarranted In a suit filed in District Court at Casper by the Midwest Refining Company, asking an injunction against such proceedings Other oil companies, It is asserted, will join the Midwest In fighting the case and the Supreme Court of the United States may be called upon for the final decision in the matter. R. R. Rousseau of Cody has been appointed deputy state game and fish commissioner. to succeed T. C. Thompson, who resigned about two weeks ago, following the resignation of Frank S. Smith as state commissioner. T. E. McClintock, receiver of the First National Bank of Cheyenne which failed last July 9, announced that a dividend of 25 per cent, amounting to $1,100,000, will be paid to depositors as soon as the comptroller of the currency signs the checks. Net claims against the bank total $4,400,000. The First National dividend brings the total of dividends about to be paid by the three banks here that fulled last year to $1,850,000. Leases for oll and gas rights on 45,000 acres of land belonging to the Shoshone Indians in Wyoming have been authorized for sale by Secretary of the Interior Work. The sale will be by public auction on July 9, at the headquarters of the Shoshone agency at Fort Washakie, Wyo. In addition to a bonus, the successful bidders must pay a royalty to the Indians of 12½ per cent on all the oil and gas produced and an advanced royalty of $1 per acre annually. There was a popularity contest, decided by popular vote at the recent "Baby Party" at Wheatland. The prize winners are as follows: For

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COMPROMISE IS ORDERED IN WYOMING BANK MESS

Cheyenne, Wyo., Nov. 7.-(P)Judge T. Blake Kennedy of the federal court for Wyoming. this afternoon entered an order authorizing T. E. McClintock. as receiver for the failed First National bank of Chey enne, to enter into a compromise with the Wyoming National bank of Casper of claims of each bank against the other. The compromise agreement previously had been approved by the comptroller of the currency. Under the agreement McClintock abandons claims against the Casper bank predicated upon contention that the Casper bank received preference just before the Cheyenne bank suspended payment in July, 1924, which enabled it to withdraw approximately $170,000 from its credit with the Cheyenne bank. The Casper bank abandons claims against the Cheyenne bank predicated upon rediscount transactions amounting to $169,000 and the Casper bank will purchase from the Cheyenne bank "slow and doubtful" paper amounting, with interest, to approximately $51, 000.

The settlement between these two banks is an offshoot of litigation initiated in the Omaha federal court the Federal Reserve bank of Kansas the federal Reserve bank of Kansas City, the Wyoming banks and McClintock as receiver.

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BANK RECEIVER SEEKS COWLEY NOTE PAYMENT

-Recovery of $4,000 on promissory notes from the town of Cowley, Big Horn county. is sought by E. McClintock the First National Bank of Cheyenne. in suit, filed in the federal district court today. One of the alleged causes of action in the suit was for the recovery of on an assigned warrant and the others. $500 note.

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Two Cheyenne Banks Will Pay Dividends

Cheyenne, Dec. Christmas gift in the form of per cent dividend totaling $435,000 will be distributed by T. E. McClintock, receiver for the defunct First National bank to former depositors Dec. 20. he announced Thursday. Simultaneously came the announcement by Thomas Hunter, receiver for the defunct Cheyenne State bank that cent dividend amounting to $15,000 will be paid soon after New Year's day.

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LATE BANKER IS ACCUSED IN CLAIM FILED

CHEYENNE, Wyo., Dec. 22-(P) was made today that T. E. McClintock. receiver of the First National bank, late yesterday filed a claim against the estate of the late C. W. Burdick for The claim is based on alleged acts of Mr. Burdick while of the board of directors of the bank which the receiver claims were in violation of the banking laws. The claim against the Burdick estate is similar in character to the one filed by the bank receiver against the estate of the late Daniel

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CHEYENNE, Wyo., March 5.—(AP)—Judge T. Blake Kennedy of the United States district court has ruled in favor of the defendants in the suit of T. E. McClintock as receiver of the defunct First National bank of Cheyenne against A.