23177. First National Bank (Cheyenne, WY)

View Charter #1800 on SPMC

Bank Information

Episode Type: Suspension → Closure
Bank Type: national
Bank ID: 1800
Charter Number: 1800
Start Date: July 9, 1924
Location: Cheyenne, Wyoming (41.140, -104.820)

Metadata

Model: gpt-5-mini
Short Digest: 6322d41a

Response Measures

None

Description

The First National Bank of Cheyenne suspended operations July 9, 1924 and was placed in the hands of a national bank examiner; a receiver (T. E. McClintock) subsequently administered the defunct bank and paid dividends to depositors. The coverage cites economic depreciation (cattle, agricultural products, land) and excessive taxation as primary reasons — interpreted as a local economic shock rather than a depositor run. No article describes a depositor run or heavy withdrawals prior to suspension.

Events (3)

1. July 9, 1924 Receivership

Newspaper Excerpt: T. E. McClintock, receiver of the First National bank (mentioned in later articles as receiver administering the defunct bank).
Source: newspapers

2. July 9, 1924 Suspension

Cause: Local Shock
Cause Details: Extraordinary depreciation in values (cattle, agricultural products, land), excessive taxation, and the bank's policy of assisting smaller state banks; these local economic and asset-value declines cited as principal reasons for closing.
Newspaper Excerpt: 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.
Source: newspapers

3. June 10, 1925 Other

Newspaper Excerpt: T. E. McClintock, receiver of the First National Bank of Cheyenne ... announced that a dividend of 25 percent, amounting to $1,100,000, will be paid to depositors as soon as the comptroller of the currency signs the checks.
Source: newspapers

Newspaper Articles (12)

1. July 10, 1924 Rawlins Republican Rawlins, WY

Article from Rawlins Republican, July 10, 1924

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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."

2. July 14, 1924 The Daily Worker New York, Chicago, NY

Article from The Daily Worker, July 14, 1924

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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.

3. July 16, 1924 Park County Herald Cody, WY

Article from Park County Herald, July 16, 1924

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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."

4. February 27, 1925 Casper Daily Tribune Casper, WY

Article from Casper Daily Tribune, February 27, 1925

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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.

5. March 25, 1925 The Cody Enterprise Cody, WY

Article from The Cody Enterprise, March 25, 1925

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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

6. June 10, 1925 The Cody Enterprise Cody, WY

Article from The Cody Enterprise, June 10, 1925

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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

7. November 8, 1925 The Daily Missoulian Missoula, MT

Article from The Daily Missoulian, November 8, 1925

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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.

8. June 23, 1926 Casper Star-Tribune Casper, WY

Article from Casper Star-Tribune, June 23, 1926

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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.

9. December 10, 1926 The Billings Gazette Billings, MT

Article from The Billings Gazette, December 10, 1926

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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.

10. December 22, 1927 Casper Star-Tribune Casper, WY

Article from Casper Star-Tribune, December 22, 1927

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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

11. December 25, 1927 Casper Star-Tribune Casper, WY

Article from Casper Star-Tribune, December 25, 1927

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Reciever for Bank Files Claim Against Estate of Director CHEYENNE, Wyo., Dec. 24.T. E. McClintock, receiver of the First National bank, has filed a claim against the estate of the late C. W Burdick for $1,340,846.47 The claim is based on alleged acts of Mr. Burdick while a member of the board of directors of the bank which the receiver claims were in violation of the banking laws. In the claim it is alleged that losses were sustained by the First National bank through loans which the deceased "as director negligently made or allowed to be made, or permitted agents and servants of the bank to make in violation of the law The receiver further alleges that the "deceased in failing to perform duties as required by law permitted the bank to become liable in execess of its legal limit.' He also alleges that loans were made "with insufficient security, and to irresponsible parties in excessive amounts and that due care was not taken to liquidate the loans or preserve the security." A number of specific items are listed with the general claim. The claim against the Burdick estate is similar in character to one filed by the bank receiver against the estate of the late Daniel McUlvan.

12. December 18, 1928 Casper Star-Tribune Casper, WY

Article from Casper Star-Tribune, December 18, 1928

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BANK RECEIVER LOSES ACTION Richardson Interests Win Court Suit CHEYENNE, Wyo., Dec. 18.-A verdict for the defendants was returned in the United States court by the jury in the suit of T. E. MeClintock, as received of the First National bank, against the Richardson Brothers company, the Richardson Trust association and Warren Richardson. So completely did the bank recase that it was not necessary for the defendants to introduce word of testimony. Judge T. Blake Kennedy, presiding. directed the jury to return verdict against McClintock upon the showing that the plaintiff's side, itself, had made. MeClintock, as receiver. alleged in his action against the Richardsons that on the day before the First National bank failed the Richardsons had purchased two notes held by the bank. withdrawing for the purpose of paying for these notes the sum of $15,575 which they had on deposit in the bank. He alleged, further, that this transaction was to enable the Richardsons to avoid of the failure of the bank, of the imminency of which, he alleged, they were aware. Evidence in support of the receiver's contention developed that the Richardsons had bought nothing from the bank, but that they had bought from the makers of two notes held by the bank, from the two notes held by the bank the collateral securing these notes, paying $15,500 therefore, with the effect that the makers of the notes had been able to pay the bank in full. The collateral for which the Richardsons paid full value. it was developed, was not at the time worth 50 cents on the dolItar. The transaction which the receiver claimed was inimical to the bank, therefore, was shown as one favorable to the bank. The evidence further showed that the Richardson family had $14,502.24 on deposit in the First National bank at the time at which McClintock alleged the Richardsons were aware that the bank was about to fail. that they did not withdraw a dollar of this deposit and that this $14,502.24 was on deposit when the bank closed its doors. It further was shown by the attorneys for McClintock that Clarence B. Richardson, at a meeting held by the directors and other officers of the First National bank prior to its failure, offered $50,000