Montana National Bank (Helena, MT)

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Episode Information

Episode UID
281301123
Episode Type
Run → Suspension → Reopening
Bank Type
national
Bank ID
28130 national
Charter Number
2813
Start Date
July 27, 1893
Location
Helena, Montana (46.593, -112.036)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1cb6de8fec8907a6

Response Measures

Accommodated withdrawals, Capital injected, Full suspension, Books examined

Other: Comptroller/examiner took charge and a receiver was appointed; depositors later accepted a resumption plan (conversion of deposits to interest-bearing certificates) coordinated by directors/receiver.

Receivership Details

Date receivership started
1893-08-02
Date receivership terminated
1893-12-11
OCC cause of failure
Losses

Description

Comptroller-appointed receiver intervened in August but bank later reopened under resumption plan.

Events (8)
1. November 11, 1882 Chartered
Source
historical_nic
2. July 27, 1893 Run
Cause
Macro News
Cause Details
Widespread money-market stringency and contagion from other bank failures tightened currency availability and spurred withdrawals.
Measures
Bank paid depositors while possible; directors prepared statements and sought remittances; urged depositor forbearance later.
Newspaper Excerpt
A run is in progress on the other banks of the city.
Source
newspapers
3. July 27, 1893 Suspension
Cause
Macro News
Cause Details
Stringency of the money market and heavy drafts on deposits made it impossible to obtain currency to continue payments.
Newspaper Excerpt
The Montana National bank ... is compelled to suspend business. The assets of the bank are amply sufficient to pay all liabilities, but it is impossible to command the necessary funds to continue payments at present.
Source
newspapers
4. August 2, 1893 Receivership
Source
historical_nic
5. August 2, 1893 Receivership
Newspaper Excerpt
Thomas A. Marlow was to-day appointed receiver of the Montana National Bank at Helena.
Source
newspapers
6. December 11, 1893 Reopening
Newspaper Excerpt
The Montana National bank of Helena will open its doors to the public next Monday morning.
Source
newspapers
7. December 11, 1893 Restored To Solvency
Source
historical_nic
8. February 23, 1901 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (23)
1. July 27, 1893 The Waco Evening News Waco, TX
Article from The Waco Evening News, July 27, 1893

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TWO BANKS FAIL. A Heavy Run in Progress on Other Helena Banks. By Associated Press to the News. HELENA, Mont., July 27 -The First National and Montara National banks fa led to open this morning. A run is in progress on the other banks of the city. 11 a. m.-The run is now confined principally to the Merchants' National bank, which is paying everybody. They are confident that they will be able to stand the run. The two closed banks have ample assets but cannot realize. S. T. Hauser is president of the First National. The capital stock is $500,000; surplus $100,000; undivided profits, $600,000 and average deposits $3,250,000. John T. Murphy is president of the Montana N tional. The capital stock is $500,000, surplus $100,000; undivided profits, $100.000, and average deposits $1,500,000.

2. July 28, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, July 28, 1893

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THE DOORS WERE CLOSED. Inability to Secure Currency Forces the First and Montana National to Suspend. Both Banks Have Good Assets Far in Excess of Their Liabilities. Run on the Merchants That Was Soon Over-All the Banks Report Deposits in Excess of Withdrawals. It was very generally known in Helena Wednesday night that unless remittances of currency expected by the First National and Montana National banks ar ived before 10 o'clock yesterday worning. that neither of these banks would open. For three weeks the First National had stood a steady drain by small depositors, paying everything that was presented, whether It was a time or demand certificate. During that time they paid out hundreds of thousands of dollars, and stood a strain that few banks, in view of the stringency of the market, could have held up under for a week. Having the largest business of say bank in Montana, naturally the drain was the greatest. Arrangements were in progress for the conve sion of securities into currency when the failure of the Mitchell bank at Milwankee tightened up the eastern money centers, and there was no chance to get cash. Wednesday evening the board of directors met, and adopted the following resolution; "HELEN, Montana. July 26, 1893. "At a called meeting of the board of directors of the First National bank of Helena, the following directors being present: John C. Curtin, C. K. Wells, Granville Stuart, A. M. Holter, T. H. Kleinsobmidt, E. W. Knight, George H. Hill, O. R. Allen. when it was unanimously resolved that it was the sense of this board of directors thus assembled that it is the duty of all the stockholders of this bank to sup: ort unan imously a voluntary liquidation of said bank, in the interests of the public and in the interests of all the deposito . and for the time being under the condition of affairs no 11 now exists, viz., a continuous drain of the deposits in *XCess of the ability of the bank to realize upon its loans and discounts, that the bank now temporarily suspend until they can obtain such order. and it is hoped and believed that the bank will be able to resume business in a short time. "A meeting of the stockholders is hereby called if the unanimous consent of the same cannot be sooner obtained." Yesterday morning, in conformity with the action of the board of directors, the following notice was posted on the bank door: Notice-First National bank-We are compelled to suspend business under the stringency of the money market and from heavy drafts on deposits without being able to make a corresponding reduction of our loans. Our assets are ample but we cannot command the currency to continue payments. By order of the board of directors. E. W. KNIGHT, Cashier. At 10 o'clock, the time for opening for business, there was quite a crowd in front of the bank. Most of those present were simply there out of curiosity and the:e was no excitement. What has been said of the First National applies also to the Montana National. The latter has since 11 first opened its doors been ranked among the big financial institutions of the state. Up to ten days ago while there was a considerable withdrawal of deposits there was not an unusually severe drain. But ten days ago It seemed as though a sudden frenzy had seized the holders of certificates, and each day the withdrawals became larger. No depositor who applied for his money was refused, and as in the case of the First, when the crisis came Wednesday it was found impossible to get R sufficient quantity of currency to meet the demands. At 10 o'clock yesterday morning the following notice was posted on the front door of the bank: "The Montana National bank on account of the stringency of the money market and owing to the heavy drafts on its deposits and the inability to make a corresponding reduction in outstanding loans, is compelled to suspend business. The assets of the bank are amply sufficient to pay all liabilities, but it is impossible to command the necessary funds to continue payments at present. "By order of the board of directors. "A. L. SMITH, Cashier." During the day the officers of both banks were busy making up n statement of the nasets and liabilities. That of the First National, completed in the afternoon, showed Assets of $8,771,680.58; liabilities, $2,590,762.16; surplus of assets over liabilities, $1,180,918.42. In addition there is the capital stock of $500.000. Cashier Smith, of the Montana National, prepared A statement showing the assets amounted to $1,750,000. and the liabilities to $900,000, 80 that whether the bank resumes or goes into voluntary liquidation the depositors will be paid in full. A definite plan of action had not been decided upon yesterday. and telegrams were passing between the banks and the comptroller of the currency. O mptroller Eckles was notified early of

3. July 28, 1893 The Wheeling Daily Intelligencer Wheeling, WV
Article from The Wheeling Daily Intelligencer, July 28, 1893

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Helenn Banks Closed. HELENA, MONT., July 27.-The First National and Montana National banks failed to open this morning. A run is now in progress on the other banks of the city.

4. July 28, 1893 Wheeling Register Wheeling, WV
Article from Wheeling Register, July 28, 1893

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CONCERNING BUSINESS AND FINANCE. CINCINNATI, O., July 27.-The distillers of Cincinnati and vicinity who will by law be called upon August 5 to pay their share of about $8,000,000 of taxes OM whisky distilled in May and June, 1890, have unanimously addressed a request to Secretary Carlisle to instruct collectors to delay the collection for ninety days. They say the present financial situation is abnormal, and that to withdraw that large sum of money from banks and from circulation at this time, would heighten the present distress and would be of no advantage to the governmdnt. The local bankers have eudorsed the request, and circular letters will be sent to all interested asking them to join the petition. HELENA, MONT., July 27.-The First National and Montana National Banks failed to open this morning. A run is now in progress on the other banks of the city. The run is now confined principally to the Merchants National Bank, which is paying everybody. They are confident that they will be able to stand the run, The two closed banks have ample assets, but cannot realize, S. T. Hausser is President of the First National. The capital stock is $500,000; surplus, $100,000; undivided profits, $600,000, and average deposits, $3,250,000. John T. Murphy is President of the Montana National. The capital stock is $500.000; surplus, $100,000; undivided pronts, $100,000, and average deposits, $1,500.00 WASHINGTON, C., July 27.-The director of the mint has been notified that his counter offer of $0.7020 per ounce has been accepted for 25,000 ounces of silver of yes erday's offerings. The total purchase for the month aggregates 1,932,000 ounces. PORTLAND, OREGON, July 27.-The Oregon National Bank and the Northwestern Loan and Trust Company closed their doors this morning. George B. Markle is president of both institutions. Capital stock of the Oregon National, $200,000; surplus, $40,900; average deposits, $500,000. Capital stock of the Northwestern Loan and Trust Company, $250,000; surplus, $25,000. NEW YORK, July 27.-Lazard Freeres areadvised of a shipment of $1,000,000 gold from Europe. SPOKANE, WASH., July 27.-The First National Bank and Spokane Savings Bank closed this afternoon. They were uable to realize upon securities at the present time. They had a capital of $250,000 and $100,000 respectively. MIDDLESBORO, Kr., July 25.-The First National Bank of this place closed its doors this morning. The notice upon the doors reads: "This bank closed by order of directors." HARRISBURG, PA., July 27.-The Ameri can Tube and Iron Company, located at Middletown, has gone into the hands of a receiver. The company has no mortgages, judgments or bonded indebtedness against it, but could not raise funds, owing to the stringenep of the money market. It is one of the largest concerns of the kind in the country.

5. July 28, 1893 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, July 28, 1893

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Helena Banks Suspend. HELENA, Mon., July 28.-The First National bank and the Montana National bank suspended. The First National had average deposits of $3,250,000 and the Montana National $1,500,000. Both banks have ample assets and will pay in full. A run is in progress on all *the other city banks. The banks are confident they can stand any run and are paying cash promptly.

6. July 28, 1893 Morning Journal and Courier New Haven, CT
Article from Morning Journal and Courier, July 28, 1893

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MONTANA BANKS CLOSED. A Run in Progress at Helena-Assignments of Business Men-Other Banks Fail to Open Their Doors. HELENA, Mon, July 27.-The First National and Montana National banks failed to open this morning. A run is now in progress on the other banks of the city. C. W. Cannon, a local dealer in real estate, assigned yesterday. He wasa large endorser on corporation paper, and stringency of the money market caused the assignment. The liabilities are $240,000; assets, $1,500,000. A M. Halper also made a personal as signment. He, too, was a heavy endorser of corporation paper. His liabilities are $600,000; assets, $1,000,000. The Halper Hardware company, of which he is president, is not affected by the assignment. MOUNT STERLING, Ky., July 27.-The new Farmers' bank here failed to open its doors this morning, owing to a heavy run during the past week. All depositors will be paid in full. The capital stock is $250,000, and the bank was supposed to be one of the strongest in Kentucky. EXETER, N. H., July 27.-The National Granite State bank temporarily suspended payment this morning. The institution is declared by officials to be perfectly sound, the present embarrassment having been caused by a drainage of the cash supply and delayed remittances from Boston. An immediate resumption of business is expected. PORTAGE, Wis., July 27.-The City bank closed its doors this morning. The suspension is due to the condition of the money market. PORTLAND, Ore., July 27.-The Oregon National bank and the Northwest Loan & Trust company of this city suspended this morning. George B. Markle is president of both institutions. The capital stock of the Oregon National is $200,000; surplus, g $40,000; average deposits $500,000. Capiy tal stock of the Northwest Loan & Trust company $250,000; surplus $25,000. Rev. O. D. Taylor, manager of the In8 terstate Investment company at The Dalles has been arrested on a charge of embezzlement. It is alleged that Taylor is short $50,000 in his accounts.

7. July 28, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, July 28, 1893

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HELENA BANKS. The First National and Montana National Close Their Doors. HELENA, Mont., July 27.-The First National and Montana National banks failed this morning. A run is in progress on the other banks. The run is now confined principally to the Merchant's National, which claims to be able to stand. The closed banks have ample assets but could not realize. S. Houser is president of the First National, capital stock, $500,000; surplus, $100,000; undivided profits, $600,000; and average deposits $3,250,000. John T. Murphy is president of the Montana National. It has a capital stock of $500,000; surplus $100,000, undivided profits $100,000; average deposits $1,500,COO. It is claimed the assets are $1,300,000; liabilities $000,000. Officers say eventually they will pay in full. The First National paid out over $1,000,000 the past week and the Montana paid out nearly $500,000. The other banks are standing the run well, the heaviest is on the Merchants National but big depositors came to the rescue and deposited faster than it was paid out, and the excitement is subsiding. The failed banks are among the oldest and strongest in the city. Both had ample assets but could not realize fast enough. C. W. Camon, 0. M. Halter and S. C. Ashley, all leading capitalists, have made personal assignments.

8. July 29, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, July 29, 1893

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JOTTINGS ABOUT TOWN. Francis Lynoh satisfied A mortgage to J. D. Tietjen yesterday for $1,000. Alice, the 11 months old daughter of City Marshal W. H. McCann, died yesterday. M. Lyden filed a lien veaterday against the Montana club for $920.97 for lathing work. W.G. Schoppe will speak at the Congregational church Sunday evening on "The Sabbath Question, or How Moses Prevented Hard Times." A mortgage was filed with the county clerk yesterday by Winona Manheim et conjux, of Helena, to Edward Wagner, of Helena. for $1,700, on two lots, Northern Pacific addition. The Union Pacific has for free distribution a number of beautiful and useful folders covering every section of country reached by its lines and many portions it does not penes ate. There will be an informal reception at the Montana olub to-night. Members and their friends will undoubtedly avail themselves of the opportunity to inspect the Montana's new club house. The following lode locations have been filed with the county clerk: Montana, Stemple district, by Edward Boyer; Oro Primo. Mountain Queen and Sunset, on Wolf creek, by O. C. Mortson. To-morrow evening at St. Paul's church Rev. J. Wesley Hill will deliver a lecture on "Hard Times, Bank Failures, and the Folly of 'Runs' on Them." His prelude will be on "A Bird's Eye View of the World's Fair." The following transfers were filed with the county clerk yesterdav: Beroni Steele to Herman Krooll. lot 6, block F. Blake addition. $2,250; Salley Viley Bell of sonjux to Clara M. Pickett, lot 9, blook F. Blake addition, $6,500. E. T. Wilson, the national bank examiner, returned from Great Falls yesterday. Acting under instructions from the coin troller Mr. Wilson and A. W. Lyman took charge of the First National and the MonBANA National banks. The similarity of names has led some people to suppose that the Montana Savingo bank has suspended. It is the Montana National that is temporarily embarrassed; the Montana Savings bank is open and doing business at the old stand. H. Collins, manager for Ike Hayes, has returned from Great Falls, where he has ) been for three days trying to make a match 8 between Hayes and Carroll, "the soldier." They could not agree on the time. Carroll wants no least two months to train in. Hayes wants to fight in a month. A dispatch from South Bend. Ind.. last / night says William Swendeman. of Helena, 1 rode fine at the International Bicycle meet1 ing. but did not get first any time, being too heavily handicapped. In the five mile 1 race he had to give 400 yards. He rode the 8 first three miles in seven minutes and the a quarter in thirty-four seconds. Auderson s rode the mile race in 3:37 and got first place.

9. July 29, 1893 Huntsville Gazette Huntsville, AL
Article from Huntsville Gazette, July 29, 1893

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A Run on in Helena. HELENA, Mont., July 28.-The First National and Montana National banks have failed to open and a run is now in progress on the other banks of the city.

10. July 29, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, July 29, 1893

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Pouring in From Every Direction. # CARLISLE IS HAPPY NOW. He Is Building Up the Surplus Again and Is Doing It Very Rapidly. Special to THE MORNING CALL WASHINGTON, July 28.- The large or- ders given by New York financial houses for gold abroad to be imported are re- garded at the Treasury Department as a favorable symptom of returning confi- dence. Much of the gold now coming here is the same exported several months ago. The heavy shipments of American cereals abroad within the past two months have materially reduced the balance of trade against us. In such circumstances it would be nat- ural for the United States to continue to receive gold from abroad. Gold in consid- erable quantities is also coming here from the West Indies. This Spanish gold, on reaching our shores, finds its way to the assay offices and is melted into bars, and this and European gold soon find lodg- ment in the United States treasury. From present indications the gold in the treasury, therefore, will soon pass the $100,000,000 limit. It is to-day $97,660,000. When the $100,000,000 mark is passed the treasury will again resume the issuance of gold certificates, which by law had to be suspended when the treasury gold was re- duced below $100,000,000. The gold certificates now outstanding aggregate $89,000,000. This is an unusually small quantity for the treasury to have. The department, however, shows little or no interest whether the gold is $100,000,000 or $75,000,000, as it is the policy of Secre- tary Carlisle to use the gold coin on hand the same as he does currency in meeting the obligations of the treasury. So for several months past the gold re- serve has been treated as available cash. On this basis the available cash in the treasury to-day is $122,000,000. Comptroller Eckels has placed the na- tional banks that failed yesterday in the hands of Bank Examiners as follows: Ex- aminer Weightman in charge of the Oregon National at Portland, Or.; Flynn, the Ellensburg National of Ellensburg, Wash.; Wilson, the First National of Helena, Mont.; Lyman, the Montana National of Helena; Jennings, the First National of Spokane, Wash. The abstract of the report of the con- dition of the national banks of San Fran- cisco at the date of the last call shows that their reserve was 28.92 per cent. Comptroller Eckels gave out to-day a statement intended to correct the errone- ous impression conveyed by a certain publication as to the number of national banks that had failed since January 1. In- stead of 200, as stated, but 105 have gone into the hands of the Comptroller, and fourteen of these resumed under favorable conditions, while it is expected that sev- eral others will resume prior to September 1. Out of a total of 105 closed but thirty-seven went into the hands of re- ceivers, the others having either reopened or having strong prospects of doing so. Of the failures the New England States had two, the Eastern States two, the Mid- dle and Mississippi States fifteen, the Northwest six, the Western States fifty- five and the Southern twenty-five. Director Preston purchased 100,000 ounces of silver to-day at 0.7030 per ounce. NEW YORK, July 28. There is excellent confirmatory evidence of Wall street re- ports of the formation during the past twenty-four hours of an offensive and de- fensive alliance in support of the market between a number of influential security holding interests. The Clearing-house committee issued $2,000,000 in Clearing-house certificates up to noon to-day. The total now outstand- ing is $25,250,000. Three hundred and forty-seven thou- sand dollars in gold came in one steamer this morning from Europe. LONDON, July 28.-In the Commons to- night Harcourt, responding to questions by Goschen, said the telegram directing the Government of India to close the mints of that country to the free coinage of silver did not contain instructions in regard to making gold the legal tender. That mat- ter had been left to the discretion of the Indian Government.

11. August 3, 1893 Evening Star Washington, DC
Article from Evening Star, August 3, 1893

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Receivers of National Banks. The controller of the currency has appointed Jeremiah Mahoney receiver of the First National Bank of Ouray, Col., and Thomas A. Marlow receiver of the Montana National Bank of Helena, Mon.

12. August 3, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, August 3, 1893

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Mr. Carlisle Has Plenty of Gold. THE RESERVE MADE GOOD. There Is a Surplus in the Treasury, and Millions More Are on the Way. Special to THE MORNING CALL WASHINGTON, Aug. 1.-For the first time since April 20 last, when the gold reserve fell below the $1,000,000 mark. the reserve in amounts or is 701,370 the treasury has $791,370 been to-day made free gold. good. This The to gold gold $100,from Europe, Mexico and the West Indies, much of it being gold sent out from the United States during the late spring and early summer months. Information in treasury circles indicates that there is $10,000,000 now on its way from Europe to the United States and most of this, it is expected, will find its way, as usual, into the treasury. While the gold reserve is intact and the free gold is climbing up, the treasury net balance is declining, it is stated to-day the amount being $17,251,000. The receipts, too, for the past two days have been disappointing, business troubles throughout the country having an effect upon the Government revenue. Everything that situation. after can be a done conference Secretary being done in Carlisle New to relieve York to-day. with the eminent financiers, directed acting Secretary Curtis to send the following telegram to the 150 bank depositories throughout United States: Your authorized balance is hereby fixed at par of security. Transfer the excess. whenever practicable, to the nearest subtreasury." "This action of the Treasury Department will release to the banks about $900,000 and is intended, as far as practicable, to relieve the financial stringency prevailing in the country. The circulation statement issued by the Treasury Department to-day shows the amount of gold and silver coin and certificates, United States notes and national bank notes in circulation on August 1 was $1,611,099,117, an increase during the month of July of $17,237,606. The increase during the last twelve months was, in round tigures, $9,000,000. The per capita circulation, based on an estimated population of 67,066,000 on August 1. was $24 02. Three national bank failures were reported to Comptroller Eckels this morning. The E1 Paso National Bank at E! Paso, Tex., capital $150,000; the First National at Birmingham, Ala., capital $250,000; the Waupaya County National Bank of Waupaya, Wis., capital $50,000. The Birmingham and El Paso banks carried quite a heavy line of deposits. Thomas A. Marlow was to-day appointed receiver of the Montana National Bank at Helena. NEW YORK, Aug. 2.-Frederick D. Tappen, president of the Gallatin National Bank and chairman of the Clearing-house loan committee, said to-day that several large national banks were going to buy some of the United States 4 per cent bonds held by the savings banks and take out currency against them. "There was no syndicate nor concerted plan by the Clearing-house banks in the matter," he said. "It was simply individual action between the banks. It was expected the banks buying bonds would get them for a little less than the current market rate, because if the savings banks were compelled to put a large amount of their bonds on the open market the price would certainly be forced down to 104 or 105, and perhaps even less." This afternoon Secretary Carlisle junched with Sub Treasurer Jordan and ex-Secretary Fairchild. Later he visted the sub-treasury and customhouse. He met no bankers and said he had DO opinion to express on the financial situation or the probable action of Congress. He said he, personally, was in favor of allowing the national banks to issue circulation to the par value of the bonds deposited as security. There was no likelihood of any action by Congress on that point at the extra session. however. DENVER, Aug. 2.-T. E. Jeffrey, president of the Rio Grande, was to-day appointed receiver of the Rio Grande Southern. on application of Otto Meyers of the latter. MILWAUKEE, Aug. -An official notice has been issued by the St. Paul Railway ordering a cut of 10 per cent in the wages of all employes of the commercial department whose pay exceeds $50 per month. ELYRIA, Ohio, Aug. 2.-The Lorain Manufacturing Company, the largest brass works in the country. has failed; assets $192,000, liabilities $125,000. CHICAGO. Aug. 2.-Adam Smith & Co., wholesale liquor-dealers, have assigned. Assets $150,000. liabilities $125,000. NEW YORK, Aug. 2.-Sulzbacher, Gitterman & Wade, importers of woolens, made an assignment to-day without preferences. The business is an d-established one, having been founded in 1856. In 1878 they were estimated to be worth $1.000,000, but the business bas fallen off, and lately the capital was estimated at only $230,000. The attorneys estimate that the liabilities are $120,000. with assets nominally the same.

13. August 3, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 3, 1893

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Receivers Appointed. WASHINGTON, Aug. 2.-The comptroller of the currency today appointed receivers of national banks as follows: Jeremiah Mahoney. for the First National Bank of Ouray, Col.; Thomas A. Marlow, for the Montana National Bank of Helena, Mont.

14. August 4, 1893 Idaho County Free Press Grangeville, ID
Article from Idaho County Free Press, August 4, 1893

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PORTLAND BANKS AFFECTED. The Oregon National and Northwest Loan & Trust Co. Fail. PORTLAND, Oregon, July 27.-The Oregon National bank and the Northwest Loan & Trust Company, an allied institution, failed to open their doors this morning. A notice posted on the doors says the suspension was forced by the withdrawal of deposits and an inability to realize on securities. The suspension caused but little excitement and there is no apparent increase in withdrawal of deposits in other banks. George B. Markle, president of both banks, says the cause of the suspension is fully set forth in the notice posted on the doors. While not able to give an exact statement he could state that depositors will be paid in full. The statement of the Oregon National, published July 12, shows the bank's assets to be eight hundred thousand dollars, deposits four hundred and fifty thousand, surplus fund forty thousand, undivided profits eleven thousand. The bank has a capital stock of two hundred thousand. The Northwest Loan & Trust Company has a capital stock of two hundred and fifty thousand. No statement is yet made of its assets and liabilities, which are mostly savings deposits. The chief creditor of the Oregon National is Multnomah county, the deposit of which amounts to about three hundred thousand dollars. The Oregon National also held some of the city money. Owing to the absence of the city treasurer the amount is not definitely ascertained, but it is thought it will reach twenty-five thousand at the least. The Northwest Loan & Trust Company made an assignment J. L. Hartman. The statement filed shows the assets to be eight hundred and sixtyfive thousand, and the liabilities about six hundred thousand. Two Banks in Helena. HELENA, Mont., July 27.-The First National and Montana National banks failed this morning. The other banks are standing the run well. The failed banks are among the oldest and strongest in the city. Both had ample assets, but could not realize fast enough. In a Receiver's Hands. HARRISBURG, Pa., July 27.-The American Tube and Iron Company, with plants at Middletown, Pa., and Youngstown, o., employing 2000 persons, has gone into the hands of a receiver. One in Kentucky. MIDDLESBORO, July 27.-The First National bank failed this morning. No statement of its assets and liabilities are given out. New York Stock Market. New YORK, July 27.-Stocks opened feverish, though some stocks received better support than of late. Temporarily Suspended. EXETER, N. H., July 27. -The National Granite State bank temporarily suspended this morning.

15. August 4, 1893 The Sun New York, NY
Article from The Sun, August 4, 1893

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NEW BANK TROUBLES, Financial Institutions Unable to Bear the Pressure Longer. HELENA, Mont., Aug. 3.-H. A. Marlow has been named by the Comptroller as receiver for the Montana Ntaional Bank, which closed last week. It is believed the bank will pay all depositors in full. DENVER. Aug. 3.--F. W. Popple was yesterday appointed receiver for the Hamilton Loan and Trust Company of this city on the application of Samuel E. Belcher and others, the defendant consenting to the suit. The company was organized under the laws of Nebraska, and has done a large amount of business in that State. Colorado, and Kansas. MILWAUKE, Aug. 3.-Bank Examiner Lynch has finished his examination of the books of the Milwaukee National Bank of Wisconsin, and has forwarded his report to the Comptroller of the Currency. He says the bank is solvent. Mr. Lynch will remain in charge of the bank until it resumes or until it is put into the hands of a receiver for the winding up of its affairs. WASHINGTON, D. C., Aug. 3.-Comptroller Eckels to-day appointed Edward Hawkins of Indianapolis. ex-United States Marshal for Indiana. receiver of the Indianapolis National Bank. which closed its doors to business on July 25. Comptroller Eckels has directed Bank Examiner Carskadon to take charge of the failed First National Bank of Birmingham. Ala. Examiner Rushing. of the failed El Paso, Tex., National Bank. and Examiner Thom of the failed Wamaca. Wis., County National Bank. DENVER. Aug. 3.-William Coleman. a depositor in the suspended People's Savings Bank. has begun suit against the bank. its officers. shareholders. and directors to recover $2,000. which he had on deposit. He also asks for an execution against the bodies of the defendnnts. and that they be placed in jail until judgment shall be obtained and satisfied. Charges of fraud and conspiracy are made against the bank authorities. President Lawrence of the suspended bank is now in New York endeavoring to raise money with which to reopen the institution. STEVENS POINT. Wis., Aug. 3.-After standing an almost continuous run since June 25, during which more than $120.000 was paid out to depositors and certificate holders, the Commercial Bank of Stevens Point closed its doors this morning. The assets are more than $200,000 and the liabilities are less than $100,000. ANTHONY. Kan., Aug. 3.-The Savings Bank of Anthony failed vesterday. The County Treasurer had $14,875 on deposit. LINCOLN. Neb., Aug. 3.-Receiver Hayden of the Capital National Bank has given verbal notice to State Treasurer Bartley that the claims of the State for the amount of its de-

16. August 12, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, August 12, 1893

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# JOTTINGS ABOUT TOWN. Extensive prairie fires are reported on the lower Yellowstone. The Boston and Montana band have received new uniforms to wear at the coming enonmpment. The regular meeting of the Central W. C. T. U. will be held to-day in the A. O. U. W. hall at three p. m. F. L. Ide, of Missoula, and Miss Francis S. Brown, of Minnesota, were married at Fort Missoula Thursday. Seventy-five head of cattle belonging to Geo. Wallace were drowned while fording the Missouri at Rocky Point the other day. Battery A, National guard, will meet for drill every Tuesday and Thursday nights until the time for the encampment at Fort Eliis. The office of sanitary inspector has been discontinued and Lewis Hall, who has held the office, has been dropped from the city pay roll. The Ladies' Auxiliary society of the Temple Emanuel will meet at the residence of Ms. B. Loeb, 318 Fifth avenue, Monday afternoon. Notice has been served on the Sand Coulee miners of a reduction from $3.50 to $3 per day. The men have refused to accept the reduction. There will be a meeting of the Montana Society of Civil Engineers at the office of Sizer & Keerl, Atlas block, this evening at eight o'clock. The jury in the school house case concluded its labors at seven o'clock last evening. The verdict was sealed and it will be read in court this morning. Green goods circulars are beginning to pour into Helena under the mistaken notion that counterfeit money will be acceptable in case congress does not pass a free coinage bill. The United Smelting and Refining company will pay its employes to-day through the American National bank, $22,000, and consequently the boys at East Helena will be happy. That portion of the topographical map of Fort Harrison showing where the buildings, rifle practice and parade grounds are to be located was finished yesterday afternoon and forwarded at once by Maj. Marshall to Washington. Commencing with Aug. 11 the Union Pacific will run a new line of Pullman drawing room buffet cars in and out of Butte. These cars are modern in every particular and well calculated to suit the demands of the traveling public. The air in and around Chinatown was redolent with the fumes of burning opium last night. People who have to pass through there while driving up the gulch are wondering why something is not done to break up the dens. Bank Examiner Wilson has completed his labors at the Montana National bank and by direction of the comptroller has turned over the institution to Receiver Marlow. To-day Mr. Wilson will begin the work of examination at the First National. George Leonard Lewis, popularly known as Len Lewis, the well known sheep man and mining man of Fort Logan, Meagher county, has made an assignment to Charles W. Cook for the benefit of his creditors. No schedule of assets or statement of liabilities is made. Ex-Gov. S. T. Hauso yesterday received the following telegram from Senator Jones: "After a careful survey of the situation it seems quite sure that the Sherman law cannot be repealed without the substitution of something equally favorable to our people and to the country at large." A man giving his name as William Sterling was arrested by Policemen Quinton and Bossler yesterday while trying to dispose of a diamond ring containing two half carat stones, at a very low price. He also had in his possession a gold pin of twisted wire. He is held at the city jail on the charge of stealing the goods.

17. September 18, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, September 18, 1893

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THE BANK WILL RESUME. The Montana National Bank of Helena will resume business if its depositors want it to resume. Such is the welcome announcement made in a circular letter addressed by a committee of the directors to the depositors, a copy of which appears in our news columns. The plan of resumption proposed is similar to that offered and accepted in Denver, Spokane and other cities. Virtually all that the directors ask as a condition precedent to reopening is that depositors will not rush in and withdraw their money as soon as business is resumed. In lieu of balances in ourrency the depositors are asked to accept certificates of deposit bearing interest at the rate of six per cent per annum in five equal installments of twenty per cent each. The first payment is to be made on June 1, 1894, and subsequent payments at intervals of four months. As depositors accepting this plan get SIX per cent interest on their money from the first day of August last until the certificate is called in, it will be seen that the offer is remarkably favorable. Every depositor will get dollar for dollar with accrued interest. What better terms could be asked for? Since the bank passed into the hands of Receiver Marlow so many of its debtors have come forward and met their obligations that the directors announce that if the receipts from this source continue to come in in the same ratio the doors of the bank can be opened on Dec. 1 without the necessity of borrowing a dollar for that purpose. It now remains for the depositors to say whether they want the bank to open on the conditions offered by the directors and approved by the comptroller. In Denver, Spokane, Omaha and other cities the depositors have quickly assented to such terms and have seen their banks open, business revive and new life imparted to those communities. We do not believe the citizens of Helena are one whit less considerate or less public-spirited. Already many of the heaviest depositors in the Montana National have signed their acceptance of the proposed plan of resumption. We haven't the slightest doubt that the rest will do so without delay. Surely, no depositor would withhold his assent when his refusal to sign would keep the doors of the bank closed.

18. September 19, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, September 19, 1893

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DEPOSITORS ACCEPTING. Montana National Bank Customers Agreeing to the Resumption Plan. The plan of resumption presented to the depositors by the directors of the Montana National bank is going to meet with almost unanimous approval if the responses received up to last night are a fair oriterion. The notices detailing the plan were only sent out Saturday night, and all day yesterday depositors were calling at the bank and leaving their signatures aocepting the plan. In addition, large numbers were received by mail. An INDEPENDENT reporter called on Receiver Mariow last night, and in reply to a question as to how the depositors were taking to the offer, be said that so far depositors representing nearly $150,000 had signed, and they had as yet heard from no one outside of the city. The plan is for depositors to accept in lieu of balances, with accrued interest to Aug. 1, 1893. certificates of deposit, bearing date and interest from Aug. 1, 1898, at the rate of six per cent per annum, payable in five equal installments of 20 per cent each. The first installment payable June 1, 1894; the second installment payable Oct. 1, 1694; the third installment payable Feb. 1. 1894; the fourth installment payable June 1, 1895; the fifth installment payable Oct. 1, 1895. Depositors who talked about the plan yesterday, said they considered it a very good one, especially as the directors did not intend to borrow any money to carry it out. In case the bank remained in the hands of the receiver it was not considered p obable that it would pay out in A8 short time as it would under the plan proposed, and in addition, if the depositers accepted the offer, they would receive interest on their balances, which they would not if the bank did not resume.

19. September 23, 1893 The New North-West Deer Lodge, MT
Article from The New North-West, September 23, 1893

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The Montana National bank of Helena, which suspended on July 26 last, has sent out circulars to the depositors announcing that it will resume on or before December 1, next. The circulars are signed by a number of heavy depositors, who have agreed to take certificates bearing interest at 6 per cent, in place of their book accounts. The certificates are payable in five equal installments, the first ou June 1, 1894, and the last on October 1. 1895. All depositors are requested to acceed to these terms and it is believed they will. Comptroller Eekles has given the bank permission to open on these terms.

20. September 28, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, September 28, 1893

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RESUMPTION day for the suspended banks will be a red-letter day for Helena. It will mark the beginning of better times. Will the depositors hasten that day, or will they retard it? The Montana National bank has made the first offer of a plan of resumption. Upon its prompt ratification depends its success. Will the depositors act favorably and act at once? Why delay the good times?

21. October 17, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, October 17, 1893

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IT WOULDN'T GO AROUND The High School Verdict Is Decided According to Priority of Claims. And Oreditors for Nearly $10,000 Are Left Out in the Cold. Treasurer Barden Wants the Montana National's Share as an Offset-Enpreme Court Decisions. The final judgment in the division of the $25,000 awarded she high school contractors has been made and the last dollar of the verrdiot in the hands of the clerk of the district court has been paid out. The suit is ended so far as the district court is concerned. The supreme court has yet to pass on the quession of the priority of 'the Montana Nasional bank's claim. though that Institution has taken an order for the money and given bond to cover the amount in case the deeision of the higher tribunal should make it a general instead of a preferred creditor. Judge Hunt, in his department of the district court, yesterday, made the last award, and the creditors of S. F. Whalen and J. S. Grant, who built the high school, have been ordered paid, out of the amount recovered from the school trustees, in the following order: Toole & Wallace. $2,500 Adkinson & Miller. $2,500; T. A. Marlow, receiver of the Montana National bank. $14,092; John Raftery, $185.50 and costs; D. S. Merrill, $2,070 and interest; Montana Lumber company, $2,875 and interest; T. P. Fuller, $548.61; a total of $24,739.11. This practically exhausted the amount of the verdict secured by the contractors in their suit against the trustees. The judgment rendered by Judge Hunt awards payment in the order in which the judgments and liens against the contractors were filed. It further recites that other parties have liens and orders them paid according to the dates of the liens; but says that the claim of T. P. Fuller exhausts the fund and that those coming after get nothing unless the contractors become solvent again. These unpaid liens stand in the following order: John Mitchell. $528.59; Helena Lumber company, $1,381.85; F.ed Gilbert, $166.55; American National bank, $6,318.63; Nick Kessler, $443; J. A. LaDriere, $903.79; Jno. R. Miller, $177.60; A total of $9.920.01. With the consent of all parties the Montana National bank withdrew its money by giving a bond with T. A. Marlow. receiver, John T. Murphy and Nick Kessler as snreties. The bond is so conditioned that if the bank's lion is declared invalid by the supreme court. the money will be paid back into the hands of the clerk of the district court. After the arrangement was made Clerk Bean gave Henry G. McInti e, counsel for the bank, an order on County Treasurer Barden, who was holding the money for him. Treasurer Barden, in his official

22. December 8, 1893 The Weekly Tribune Great Falls, MT
Article from The Weekly Tribune, December 8, 1893

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THE TRIBUNE is glad to announce the fact this morning that the Montana National bank of Helena will open its doors to the public next Monday morning. This will be good news to everyone in Montana, and it is hoped that it may soon be /recorded that all the other suspended banks of the state have resumed.

23. December 8, 1893 The Weekly Tribune Great Falls, MT
Article from The Weekly Tribune, December 8, 1893

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cided to confine him in for several days for further examination. n WEDNESDAY'S DAILY. e B The Choteau bank will pay its depose itors 50 per cent of the amount due them. B The difficulty between Andrew Jensen 5 and the Trades and Labor council has been amicable adjusted. Walter Black, a native of England yesterday declared his intention B to become a citizen of the United States. Judge Milligan of Milligan, one of the enterprising farmers of northern Montana, is in attendance at the farmers' meeting. The county commissioners were busy yesterday examining the quarterly reports of the clerk and recorder and clerk of the district court. A patent from the Uniten States to John H. Shepberd for the northwest quarter of section 9, township 18 north. range one east, was recorded yesterday. Mr. Aaron Hershfield. cashier of the Merchants' National bank of Helena. and Miss Della Hogan. cashier of the New York dry goods store in Helena. were quietly married in Chicago last week. The bride is a member of the Roman Catholic church and the bridegroom is prominent in the Hebrew congregation. The following suits were commenced in the district court yesterday: Edward O. Ferrell vs. the American Central Insurance company to recover $500 insur. ance; Cascade bank VS. George E. Ingersoll and Jean MacLaren Ingersoll, to foreclose mortgage for $982.50; Simon Anderson vs. James Hanks, appeal from justices' court. FROM THURSDAY'S DAILY. Robert Flynn came down from Cascade yesterday afternoon. Frank Goss. the plumber, went down to Havre yesterday on business. Jas. Austin and wife of Milligan, and F. Jenkinson of Box Elder, are at the Minneapolis house. Eight first-class tickets were sold yesterday for San Francisco over the Great Northern from Great Falls. Lawyer Brady, after an absence of two weeks attending court at White Sulphur Springs, returned yesterday. Mrs. M. J. Abrams who has been visiting her daughter, Mrs. H. Strain, for some time, left yesterday for Peimbria. N.D. There are 981 pupils attending the public schools of Great Falls. By the first of the year there will be 1,000 in attendance. The Montana National bank of Helena. after a suspension of severa. months, will open its doors to business at 10 o'clock on Monday morning. Dec. 11. G.C. Bower. the sheepman, and Alfred Park, both of Stanford, are in the city attending the farmers' convention and are stopping at the Minneapolis house. The public will be glad to learn that Capt. Jensen is again on deck and that The Boston Clothing house is open and doing a rushing business. See ad in another column. Assistant Roadmaster Black of the Montana Central died on Tuesday evening and yesterday the body was shipped to Devils Lake. for interment. Mrs. B. accompanied the remains. A patent was to James Haven for lot Sand the northeast quarter of the southwest quarter and the south half of the southwest quarter of section 25, township 21 north, range I east, was recorded vesterdav.