23222. First National Bank (Sundance, WY)

Bank Information

Episode Type
Suspension → Closure
Bank Type
national
Bank ID
4343
Charter Number
4343
Start Date
October 4, 1893
Location
Sundance, Wyoming (44.406, -104.376)

Metadata

Model
gpt-5-mini
Short Digest
019cd946

Response Measures

None

Receivership Details

Depositor recovery rate
52.0%
Date receivership started
1893-10-11
Date receivership terminated
1897-10-28
OCC cause of failure
Fraud
Share of assets assessed as good
9.0%
Share of assets assessed as doubtful
77.4%
Share of assets assessed as worthless
13.6%

Description

The bank was closed by the bank examiner after the cashier Todd M. Pettigrew appropriated funds, causing failure (articles dated Jan 1894 refer to closure Oct 4 last). A receiver (Milo A. Adams) was appointed (mentioned in 1895 articles) and assessments levied; no newspaper text describes a depositor run or later successful reopening. Comptroller dividend declared in Dec 1896 refers to dividends on insolvent national banks but does not explicitly state the bank resumed operations. Classified as suspension -> permanent closure/receivership.

Events (5)

1. June 16, 1890 Chartered
Source
historical_nic
2. October 4, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Cashier Todd M. Pettigrew appropriated funds of the bank to his own use (embezzlement) and invested in municipal waterworks; inability to realize bonds led to bank failure and examiner closure.
Newspaper Excerpt
the cashier of the First National bank of Sundance on the fourth of October last, when that institution was closed by the bank examiner.
Source
newspapers
3. October 11, 1893 Receivership
Source
historical_nic
4. September 13, 1895 Receivership
Newspaper Excerpt
Later the bank failed and went into the hands of Receiver Milo A. Adams, who levied an assessment on all stockholders for the benefit of the bank's creditors.
Source
newspapers
5. December 7, 1896 Other
Newspaper Excerpt
The comptroller of the currency has declared dividends in favor of insolvent national banks as follows: Ten per cent. the First National bank of Sundance, Wyo., ... .
Source
newspapers

Newspaper Articles (10)

Article from Hot Springs Weekly Star, January 26, 1894

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Article Text

Todd M. Pettigrew has been sentenced to five years imprisonment in the Wyoming penitentiary for appropriating funds of the First National bank of Sundance to his own use, while cashier, thus causing its failure. He used the money to put in a system of water works at Sundance, which he expected to bond and then replace the money. But the panic came and he couldn't sell the bonds. Result: he is in prison. Moral: don't permit your public enterprise to tempt you speculate with other peoples money.


Article from The Bessemer Indicator, January 27, 1894

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Article Text

Western News Notes. The Eads, Colorado, creamery has suspended operation in order to enlarge its capacity. The new coal bank opened at Clear mont, Wyoming, is said to produce fine quality of lignite. The treasuries of different counties of Wyoming are reported as being in excellent condition. 0 M. H. Smith, banker at Sterling, has been convicted of receiving deposits after his bank was insolvent. Mrs. Driscoll and her son, who were arrested for murdering Mary Driscoll t at Sterling, have been discharged h The J. B. Wheeler Banking Comh of Colorado sush last July, has depany pended City, paid which all its positors. n Loveland, Colorado, parties are a toll road to to extend it to t propose building thence Estes Park Middle and and North Parks. Carbon, Wyoming, people desire to y purchase the townsite from the Union it Pacific Railroad Company, which now owns the land the town stands on. e E. L. Gilbert, for ten years agent of the Wells Fargo Express Company at c Albuquerque has been arrested charged 8 with embezzling $2,000 from the company is e The Saguache reservoir contract was let to W. E. Dodge of Leadville n for $27,259 and DOW active preparat tions are being made for pushing the I work. Lamar suffered from a fire on the o 23rd. The European hotel and other st buildings were destroyed. The loss e amounted to $7,500 with insurance of e $4,650. t Lincoln county, New Mexico, cattle and horse men have called a meeting S at Lincoln to organize for protection d against sheep herders' invasion from S Texas. f Lander, Wyoming, reports a rich e strike of gold in the Burr mine at r Lewiston. Forty tons of gold quartz has been taken out,yielding from $500 d to $5,000 ton. Four tough Chinamen went into the Methodist Chinese Sunday at Denver last e furious on two Trinity School made a onslaught they Sunday had and Chinamen against whom d grudge. The teachers participated and their lives were saved. f n Johnson county, Wyoming, oil lands are being rapidly entered by e Omaha parties. Last week ninetyy seven entries were recorded, conveyy ing 15,000 acres of oil land in that st county. Johnson county will some day be an immense oil field. is A large number of elk and several of deer and e of wolves, y last week. a by herds pack antelope, invaded The deep snows Bonanza, followed out n is up. were where drove Wyoming, feed them covered of the mountains, They so tame that people shot them down K by wholesale. 6The jury in the United States Court a at at ex-postmaster Cheyenne acquitted Cheyenne, William of Masi, the of of in funds which were rs in the at the postoffice charge Cheyenne having National embezzled bank deposited $1,335 rk time that institution suspended d Wages have been voluntarily raised g at the Ruby -Anthracite coal mine in Gunnison county, Colorado, from 60 I 75 cents ton. The miners are agree is or ably surprised. The company found that it pays better to employ experiW enced miners than to use cheaper la ay bor. p The lumbermen of Colorado, Wy ly is oming and New Mexico met in annual session in Denver on the 23rd. The he et morning was devoted to routine business. Officers were elected as follows: eR. W. English, president; Samuel d, Merrill of Cheyenne, vice president; R. W. Stewart, secretary and treas r urer. oie A colony from Eaton, Colorado, has npurchased potato land north of Chey. ed enne, Wyoming, of the Wyoming De ad velopment Company and will irrigate nd and plant extensively during the enn, suing season. to In the United States court at Chey al enne, Todd M. Pettigrew, of Sundance, Crook county, pleaded guilty to the n charge of embezzlement, and was send tenced to a term of five years in the penitentiary. Pettigrew was the cash is ier of the First National bank of Sun rs dance on the fourth of October last, he when that institution was closed by the bank examiner. The book: a This . national showed $19,000. that Pettigrew money he of owed had the expend works bank ed in buiding a system water as for the city with the expectation of rece alizing on the bonds which the city ch voted. The slump in the money mar on ket stopped all negotiations for the st the bonds, and Pettigrew was e, to skeet his Mr. h has the the sale Pettigrew unable of obligations. sympathy of community is his


Article from The San Francisco Call, September 14, 1895

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Article Text

ARRESTED FORGERY. How Dishonest Acts Were Traced to Banker Stebbins. CHEYENNE, WYO., Sept. 13.-W. R. Stebbins of Kansas City., Kans., connected with banking firms in New York, Kansas City, South Dakota, Montana and Wyoming, was arrested here to-day charged by the receivers of the First National Bank of Sun Dance, Wyo., with forgery. It is alleged that Stebbins owned a block of stock in the Sun Dance bank and transferred it in order to conceal his ownership, and to secure to the dividends he forged the name of the supposititious owner of the stock to a power of attorney giving a third party power to draw dividends and vote the stock. Later on, when the bank failed and stockholders were assessed for the benefit of creditors, an investigation revealed the forgery. Stebbins was taken to Sun Dance for a hearing.


Article from The Herald, September 14, 1895

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Article Text

TOO FREE WITH THE PEN, And Now Finds Himself in Serious Trouble FOR ARRESTED FORGERY Prominent Throughout the West in Business Circles w. R. Stebbins of Kansas City Charged With Having Used Another Man's Signature SALT LAKE Sept. 13.-A special to the Tribune from Cheyenne, Wyo., says: W. R. Stebbins, who has been well known in banking and business circles throughout the west for the past twenty years, was arrested here this morning by Sheriff Armstrong of Crook county on the charge of forgery. The sheriff started north at once with his prisoner, who will have a hearing at Sun Dance early next week. Mr. Stebbins' home is in Kansas City, Kan., where he is connected with the American Loan and Trust comDany. He has large property interests here, owning the Cheyenne postoffic e building. He has been connected as a stockholder or officer in the Merchants' National bank of Deadwood, S. D.: the Stebbins, Post & Co. bank of Cheyenne; the First National bank of Sun Dance; the Stock Growers National of Miles City; Cheyenne National and California National of San Diego, all of which have failed but without loss, it is alleged, to Stebbins. It 18 charged that Mr. Stebbins owne ed a block of stock in the First National of Sun Dance from its organization. To conceal his ownership of the bank stock Mr. Stebbins transferred it to a Kansas City man named Mills. The bank was then prospering and paying dividends on the stock. It is alleged that in order to secure the dividends on the stock transferred to Mills, Stebbins made out a power of attorney to the addition of Sun Dance, signed Mills' name to it and sent the document to A. D. Dunn. It authorzed him to vote the stock and collect the dividends. It is also alleged that Mills was in ignorance of this transaction. Later the bank failed and went into the hands of Receiver Milo A. Adams, who levied an assessment on all stockholders for the benefit of the banks' creditors. Both Mills and Stebbins denied owning the stock referred to and an investigation which followed resulted in the discovery of the forgery. Besides his connection with western banks, Mr. Stebbins is connected with the banking firm of Christic & Janney of New York. Suits against him by representatives of the broken banks have been commenced in New York city. Wyoming and Kansas City. Mr. Stebbins and his family have traveled abroad considerably, and he is regarded as personally being very wealthy.


Article from The Seattle Post-Intelligencer, September 15, 1895

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Article Text

All His Banks Failed, but, It Is Said, Without Loss to Him. Salt Lake, Sept. 13.-A special to the Tribune from Cheyenne says: W. R. Stebbins, who has been well known in banking and business circles throughout the West for the past twenty years, was arrested here this morning by Sheriff Armstrong, of Crookston, on a charge of forgery. The sheriff started north at once with his prisoner, who will have a hearing at Sun Dance early next week. Mr. Stebhins' home is in Kansas City, Kan., where he is connected with the American Loan and Trust Company. He has large property interests here, owning the Cheyenne postoffice building. He has been connected as a stockholder or officer with the Merchants' National Bank of Deadwood, S. D.; the Stebbins, Post & Co. Bank of Cheyenne; the First National Bank of Sun Dance: the First National Bank of Spearfish: the Stock Growers' National Bank of Miles City: the Cheyenne National Bank and the California National Bank of San Diego, all of which have failed, but without loss, It is alleged, to Stebbins. It is charged that Mr. Stebbins owned a block of stock in the First National Bank of Sun Dance from its organization. To conceal his ownership of the bank stock Mr. Stebbins transferred it to a Kansas City man named Mills. The bank was then prospering and paying dividends on the stock. It is alleged that in order to secure the dividends on the stock transferred to Mills, Stebbins made out a power of attorney. signed Mills' name to It and sent the document to A. D. Dun. It authorized him to vote the stock, receipt for and collect the dividends. It is also alleged that Mills was in ignorance of this transaction. Later the bank failed and went into the hands of a receiver, Milo A. Adams, who levied an assessment on all the stockholders for the benefit of the bank's creditors. Both Mills and Stebbins denied owning the stock referred to, and an investigation followed. resulting in discovery of the forgery. During his connection with Western banks he has also been connected with the banking firm of Christie & Janney, of New York. Suits against him by representatives of the broken banks have been commenced in New York city, Wyoming and Kansas City. Mr. Stebbins and his family have traveled abroad considerably, and he is regarded as being very wealthy.


Article from The Madison Daily Leader, September 21, 1895

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Article Text

# NOT A FORGER. Banker Stebbins of South Dakota Dis-charged From Custody. DEADWOOD, S. D., Sept. 21.-Banker W. H. Stebbins of Kansas City, who was arrested at Cheyenne a week ago, charged with forgery in connection with the receivership of the First National bank of Sun Dance, Wy., was brought to Sun Dance, where he had a hearing before Court Commissioner Nichols and was discharged. The charges of forgery were trumped up. Stebbins is connected with a string of banks extending from Kansas City to Cheyenne, the Black Hills, Montana and the coast.


Article from The Salt Lake Herald, September 21, 1895

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Article Text

STEBBINS IS FREE. FORGERY CHARGE AGAINST HIM WAS VERY FLIMSY. As a Result a Suit For $50,000 Will Be Instituted Against the Receiver of the Bank. [Special to The Herald.] CHEYENNE, Wyo., Sept. 20.-Banker W. R. Stebbins, arrested here at the instance of the receiver of the First National bank of Sundance, charged with forgery, has been discharged from custody. Mr. Stebbins states that he was the owner of eighty-five shares of the bank stock, and as he was going abroad to facilitate a contemplated sale of fifteen shares, had that number transferred to nis attorney, F. D. Mills. Later, a bank proxy was sent him by the cashier of the bank, to have it signed for a stockholders' election. In the absence of Mr. Mills, Stebbins signed Mills' name to the proxy and forwarded it to the cashier. The commissioner decided that this was not a fraudulent act. Mr. Stebbins says a damage suit against the receiver for fifty thousand dollars will follow.


Article from The Topeka State Journal, September 23, 1895

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STEBBINS RELEASED. The Kansas City Banker Not Held-A Damage Suit May Result. CHEYENNE, Wyo., Sept. 23.-W. R. Stebbins, the Kansas City banker arrested on a charge of forgery preferred by the receiver of the First National bank of Sun Dance, has been released on a writ of habeas corpus by Commissioner Nicholl's, who decided that the charge of orgery was not sustained.® Mr. Subbins says his aitorney advised him that the action of the receiver was malicious and a damage suit against him for $50,000 will follow.


Article from The Pioneer Press, October 3, 1895

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# The South Dakota Banker Not Guilty of Forgery. Deadwod, S. D., Special.-Banker W. H. Stebbins of Kansas City, who was arrested at Cheyenne last Saturday charged with forgery in connection with the receivership of the First National Bank of Sun Dance, Wyo., was brought to Sun Dance, where he had a hearing before Court Commissioner Nichols and was discharged. The charges of forgery were trumped-up. Stebbins is connected with a large number of banks extending from Kansas City to Cheyenne, the Black Hills, Montana and the coast.


Article from Omaha Daily Bee, December 8, 1896

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Article Text

BROKEN BANK WILL OPEN AGAIN, Union National of New York, La., is Now in " Solvent Condition. WASHINGTON, Dec. 7.-The Union National bank of New York, La., which suspended payment September 9, 1896, complied with all the conditions imposed by the comptroller of the currency precedent to resumption, is now in a solvent condition and has been permitted to reopen its doors for business. The comptroller of the currency has da. clared dividends in favor of insolvent na. tional banks as follows: Ten per cent. the First National bank of Sundance, Wyo., & per cent, the Commercial National bank of Nashville, Tenn.