First National Bank (Philipsburg, MT)

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WESTERN BANK FAILURES

Nebraska, Colorado and Other States Farnish Their Quota. BEATRICE, Neb., July .-The Nebraska National bank and the American bank failed this morning. Each had a capital of $100,000. The American bank's deposits will not exceed $60,000, and the assets are entirely sufficient to pay all demands. The Nebraska National bank has deposits of over $100,000, but the assets are in good ehape if no run is made on the other banks. SALIDA, Colo., July 1.-The Chaffe County bank made an assignment this morning with liabilities between $80,000 and $90,000, while the assets are not yet known. Slow collections is given as the cause of the failure. A run was averted on the First National bank, which closed at 11:30 until Monday. The directors say the depositors will be paid in full. OURAY, Colo., July 1.-The First National bank closed this morning, owing to the want of currency. Assets $110,000 and liabilities $42,000. It will prob ably resume in a few days. A run was inaugurated on Thatcher Brothers' Merchants' and Miners' bank, but it was only a slight flurry. WEBB CITY, Mo., Julr 1.-The Exchange bank of this city assigned today. Deposits, $60,000; liabilities not yet known. The stringency in the money market and withdrawal of deposits are assigned as the cause of the failure. WASHINGTON, July 1. - Comptroller Eckels was informed this afternoon of the failure of the First National bank of Phillipeburg, Mont. Comptroller Eckels has appointed J. H. Adams receiver of the failed Citizen's National bank of Spokane, Wash. He also directed Bank Examiner Swan to take charge of the First National bank of Provo, Utah.

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In the Care of Bank Examiners. WASHINGTON. July 1.-Comptroller Eckels to-day appointed J. H. Adams receiver of the failed Citizens' National Bank of Spokane. Wash. He also directed Bank Examiner Swan to take charge of the failed First National Bank of Provo. Utah. and Bank Examiner Latimer to take charge of the failed Nebraska National Bank of Beatrice. The First National Bank of Rico. Col., which has also failed. will be placed in the hands of a bank examiner during the day. Comptroller Eckels was informed this afternoon of the failure of the First National Bank of Phillipsburg. Mon. Capital. $50,000.

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An Immense St

Louis Concern in a Receiver's Hands, ST. LOUIS, July 1.-The Madison Car company filed articles of assignment in the recorder's court at Edwardsville, Ill., today. The assets are given at $918,000 and liabilities at $1,122,000, Paul A. Fusz is named as assignee. The company recently erected a large plant for the manufacture of railway cars at Madison, III., opposite this city, and has endeavored to build up a city similar to Pullman, III. The company has been in straitened circumstances for some time, and the stringency of the money market has precipitated the failure. About 690 were employed at the works. The announcement of the failure created surprise in mercautile circles in this city, owing to the fact that the stockholders of the company are all St. Louis people. Many of the stockholders are also heavily interested in the Merchants' Bridge, the Security Building and other large enterprises. The company is capitalized at $500,000,and about six months ago floated an additional bonded indebtedness of $500,000. This was used in p ying off pressing obligations. The company has done a heavy business in manufacturing railway cars and material, and it is said had some difficulty in securing payment for material and rolling stock furnished to different railroads. OSALT LAKE, Utah, July 1. - The National Bank of Commerce at Provo closed its doors this morning owing to a run caused by the failure of the First National bank yesterday. Assets, $80,000; capital. $50,000; other liabilities, $25,000. FORT WORTH, Tex., July 1.-The Exchange bank at Iowa Park closed its doors yesterday. The liabilities and assets are unknown here, but it is believed that the depositors will be paid in full. A sudden withdrawal of deposits coused the suspension. PHILADELPHIA, July 1.-Executions have been issued from common pleas court on five judgments entered on judgment notes aggregating $44,842.40, against Charies Illingsworth, dealer in morocco. OMAHA, Neb., July 1.-The Nebraska National Bank of Beatrice, capital: $100,000, and the American Bank of Beatrice, a small concern, both closed their doors today. They have been in a weak condition for some time. DENVER, Col., July 1.-The First National Bank of Rico closed its doors yesterday because of a run. Matters are decidedly critical, for the miners are excited and talk wildly of bloodshed. Those dis missed from work were paid with checks on the bank. and they are clamoring for coin. All business firms have shut down on crodit. WASHINGTON, July 1.-Comptroller Eckels today appointed J. R. . Adams receiver for the failed Citizens' National Bank of Spokane. He also directed Bank Examiner Swan to take charge of the failed First National Bank of Provo, Utah, and Bank Examiner Latmer to take charge of the failed Nebraska National Bank, of Beatrice, Neb. Comptroller Eckels was informed this afternoon of the failure of the First National bank of Phillipsburg, Mont. He has directed Bank Examiner Aubry to take charge of the failed National Bank at Ricu, Col.

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SEVERAL BANKS CLOSE THEIR DOORS

Albuquerque, N. M., July 3.-The following nottee was posted on the door of the Albuquerque National Bank this morning: "The Albuquerque National Bank is compelled temporarily to suspend business. This has been brought about by unusual demands of depositors since the suspension of the California banks about ten days ago, and the absolute impossibility during the present business depression to call in our loans. It is confidently hoped that we can resume business. and that every creditor will be paid in full, as the assets greatly exceed the liabilities." Golden. Col. July 3.-The McPherson County Bank made an assignment for the benefit of its creditors this morning. "Impossible to collect on notes outstanding" is given as the cause of the failure. No statement.as to assets and liabilities has so far been made public. Washington, July 3.-Controller Eckels is informed that the National Bank of Commerce of Provo, Utah. and the First National Bank of ouray. Col.. closed their doors to business on last Saturday. He is also advised that the First National Bank of San Diego. Cal. which fatled about a month ago. will resume business on next Wednesday. It is probable also that the falled Washington National Bank of Spokane, Wash. will resume business in A committee representing the about ten days. stockholders and officers of the failed First National Bank of Arkansas City, Kan., had an audience with Controller Eckets this morning looking to the reopening of that institution it will also probably be abi to resume business in a short time. Phillipsburg, Mont, July 3. The First National Bank closed its does on Starday m riving. There is no doubt of the solveney of the institution. and as soon as matters are 8 raightened out business will be resume

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A Montana Bank Falls, PHILLIPSBURG, Mont., July 3.-The First National Bank closed its doors on Saturday morning. and a notice on the door gave the reason that stringency in the markets and continued demand of depositors. together with an inability to realize on their paper, compelled the bank to temporarily suspend payments. There is no doubt of the solvency of the institution. and, as soon am matters are straightened out. business will. be resumed. The mercantile firm of Freyschlag. Hoffinan & Co. was compelled to make an assignment Saturday.

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. BALTIMORE, Mo.-The individual banks of this city and the Clearing House association have refused to longer assume responsbility for checks, etc., deposited with them until after collection has been made by them. The First National Bank of San Diego, Cal.. which suspended a month ago, has re. sumed. ALBEQUERQUE, N. M.-The albequerque National Ban't suspended and the New Mexico Savings Bank and Trust Company, an adjunet, also closed. GOLDEN. Coto.-The Jefferson County bank in this city has made an assignment. PHILLIPSBURG, MONT.-The First National bank closed its doors. Ward's bank of Fosterville, N. Y., has failed. There were $75,000 of deposits. The body of the proprietor was found in the rear of his house. He CO nmitted suicide. WINNIPEG, MAN.--The Commercial bank of Manitoba has been declared insolvent and liquidators have been ap; ointed. The bills of the bank are as good as gold under the Dominion law. The American Loan and trust Company Omaha, Neb., went into the hands of a receiver. The company has a paid up capital of $400,000. The cause of the failure was the failure at Houston, Tex., of the Omaha and Houston Improvement Company. The Finley county bank of Garden City, Kas., has failed. The American National bank. of Pueblo, Col., was not opened Wednesday morning. Notices on the door stated that the bank will resume as soon as it can secure money on its paper. After the suspension of the American National bank became known. the Central National and the Western National closed. These are all sound concerns and assets are ample. NEW YORK.-The New Jersey Sheep and Wool Company and the Gausevort Market Sheep Company failed Thursday morning. It is feared the failures will affect many small concerns. The liabilities will exceed $500,000, OMAHA. NEB.--The National bank of Ashland clo ed its doors. The closing of the American Saving Bank of this city are sup. posed to be the cause of the failure. NEW YORK.-A run started on the Jefferon County Savings bank. Governor Flower was present and in a speech gave assurance that the bank was entirely safe. The speech had an excellent effect. OMAHA, NEB-The American savings bank suspended with deposits of $159,000 and assets of $259,000.

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S THE FIRST NATIONAL AN ESTIMATE OF ITS ASSETS AND S LIABILITIES p e Over $194,000 in Securities and $124,t i 000 in Deposits - The Examiner's n Report Finished - Receiver Apa pointed During This Week. e i e The condition of the First National bank is something that interests everybody in the district, no matter whether they have money deposited there or not. The closing of the bank affects everybody, and there is hardly anyone but what would like to see the affairs of that institution straightened up and have it resume as soon as been industriously THE MAIL business employed representative during possible. has the past few days in endeavoring to get some reliable information for the benefit of its readers, and we think we are able to give a pretty correct statement of the condition of affairs. Bank Examiner Wilson has completed his work and has transmitted his report to the government in Washington. in the receiver has been appointed per- A son of Mr. Luke, of Helena, and it is expected that he will begin his duties in a day or two, as his commission is expected to arrive from the national capital by that time. The following figures were given to THE MAIL by one of the directors in the bank, who says that they are correct in round numbers. The assets of the institution are $192,000 and the liabilities $124,000, which leaves an excess of $68,000 over the liabilities of the concern. Then the stockholders are individually responsible for $50,000, the amount of the capital stock. With this sum added to the assets $192,000, it gives $242,000 to pay an indebtedness of $124,000, providing all the paper is good, and it is a pretty well assured fact that it is as in this all good, banks part of nearly the country have never been noted for letting anything go without pretty good security. We are informed from the same source that every effort is being made now to pay off the depositors with the idea in view of resuming business. It has been rumored around town that the firm of Freyschlag, Huffman & Co. owed the bank $66,000, but the truth of the matter is that the sum is only about $3,000. It will be seen by the above figures that the institution is not in such a bad condition after all. The only point is that it may require some time in which to realize on the securities, in which event a dividend will be declared among the depositors as soon as possible, and as the remainder is collected it will be turned over in the same manner until all are paid in full. This will be the case unless money 18 raised by the stockholders and a settlement is effected without waiting to realize on the paper. The stockholders claim positively that every dollar owed to the depositors will be paid in full, no matter what the outcome 18.

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. BALTIMORE, Mo.-The individual banks of this city and the Clearing House association have refused to longer assume responsbility for checks, etc., deposited with them antil after collection has been made by them. The First National Bank of San Diego, Cal., which suspended a month ago, has reumed. ALBEQUERQUE, N. M.-The albequerque National Ban's suspended and the New Mexico Savings Bank and Trust Company, an adjunct, also closed. GOLDEN. Coto.-The Jefferson County bank in this city has made an assignment. PHILLIPSHURG, MONT.-The First National bank closed its doors. Ward's bank of Fosterville, N. Y., has failed. There were $75,000 of deposits. The body of the proprietor was found in the rear of his house. He CO nmitted suicide. WINNIPEG, MAN.-The Commercial bank of Manitoba has been declared insolvent and liquidators have been ap: ointed. The bills of the bank are as good as gold under the Dominion law. The American Loan and trust Company Omaha, Neb., went into the hands of a receiver. The company has a paid up capital of $400,000. The cause of the failure was the failure at Houston, Tex., of the Omaba and Houston Improvement Company The Finley county bank of Garden City, Kas., has failed. The American National bank of Pueblo, Col., was not opened Wednesday morning. Notices on the door stated that the bank will resume as soon as it can secure money on its paper. After the suspension of the American National ban't became known. the Central National and the Western National closed. These are all sound concerns and assets are ample. NEW YORK.-The New Jersey Sheep and Wool Company and the Gausevort Market Sheep Company failed Thursday morning. It is feared the failures will affect many small concerns. The liabilities will exceed $500,000. OMAHA. NEB.--The National bank of Ashand clo ed its doors. The closing of the American Saving Bank of this city are supposed to be the cause of the failure. NEW YORK.-A run started on the Jefferon County Savings bank. Governor Flower was present and in a speech gave assurance that the bank was entirely safe. The speech bad an excellent effect. OMAHA, NEB-The American savings bank suspended with deposits of $153,000 and assets of $259,000.

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The Philipsburg Bank

Bank Examiner Wilson has finished his examination of the affairs of the First National bank and has forwarded his report to Washington. The bank's assets are figured up at $192,000. This includes all the securities held by the bank. nearly all of which are believed to be available. The liabilities are $124,000, leaving a credit balance of $68,000. Mr. Luke of Helena has been appointed receiver.

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THE FIRST NATIONAL

What Mr. Luke, the Receiver, Has to Say Regarding That Institution. Everybody is naturally anxious to learn something about the affairs of the First National bank. and THE MAIL is anxious to enlighten the depositors in that concern at the earliest possible time. It IS a fact. however, that no personnot eve.t the receiver-is able of giving definite information regarding its affairs just now. The total assets of the institution are, as stated in THE MAIL recently, $192,000 and the liabilities $124,000, which leaves an excess of $68,000 over the liabilities. Then with the $50,000 that the stockholders are liable for added to the assets, $192,000, it gives $224,000 to pay an indebtedness of $124,000. From such a statement it would appear that the bank will not only pay dollar for dollar, but would be left in condition tc resume business if they SO desired. Mr. R. A. Luke, the receiver in charge of the bank, was seen by THE MAIL representative yesterday, and being asked for a statement, he replied that such was impossible at this time. "I have already realized considerable money," said Mr. Lüke, "from those indebted to the bank," and with sufficient time he seemed to think there would be no difficulty in realizing in full on all outstanding paper. "Just at this time," remarked Mr. Luke, "it 18 impossible to push collections. No one has any money, and by seizing collateral nothing is gained, as it is next to impossible to realize upon it. All persons who have deposits in the bank must get in their claim for the amount, which is compared with the books of the bank, and if found correct the depositor IS given a receiver's check for the full amount, and when a dividend is declared this certificate is to be presented to the bank for receipt of dividends." When a dividend will be declared is not known by anyone at this time. The comptroller allows three months for depositors to present their claims, but it is optional with the comptroller whether he declares a dividend before the expiration of that time or not.

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IN GRANITE COUNTY

Philipsburg is Coming Out of the Racket in Good shape. Special Correspondence of the Standard PHILIPSBURG, Aug. 18.-The situation here is unchanged, except that business seems to be gradually resuming its normal condition. although the large mercantile houses are selling goods at very much lower prices than usual. presumably for the purpose of reducing their stocks to something nearer a hard-times basis. Of course everybody is complaining about dull times. and, of course, it is dull, for the change has been great and sudden. but after calmnly looking over the field of mining operations in Granite county, things are not in such a horrible state of collapse as many who live here and should know better attempt to make themselves and others believe. It is not so much what has happened as what the timid ones expect to happen. that has tightened up the purse strings and made all of the population of this section suddenly drop their expenditures down to a bare living basis. Then again the foreign population drew their money from the banks and "fell over each other" in a race for the boundary line immediately upon the receipt of the news of the clos. ing of the Indian mints to the free coinage of silver. the probable fall in price of the metal and the closing of our mines as a consequence. It isestimated that many thousands of dollars were thus earted away to Canada. to the great detriment of the banking institutions of the county. It is authoritatively stated that the First National bank. which suspe nded a few weeks ago. is not in such a very bad condition financially after all. and that within a short time it will be able to realize on its securities and pay all depositors in full. This will take some little time, as the receiver does not propose to push any person who happens to be indebted to the institution: he will rather give debtors extensions, and by this plan he expects gradually, but surely, to gather in every dollar due the bank without prejudice or detriment to any person or business. The Merchants' and Miners' National bank is an institution less than one year old, it is perfectly solid and could without doubt stand a financial storm much greater than the present one. The management does not seem to be afraid of its money and whenever and wherever possible, it promptly comes to the assistance of legitimate business enterprises.

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National Banks in the Pacific Northwest. WASHINGTON CITY, Feb. 4.-[Special.]The First National bank of Phillipsburg, Mont., which was placed in the hands of a receiver July 8, 1893, having been restored to solvency with unimpaired capital, has been permitted by the comptroller of the currency to open its doors for business. The following changes in officers of national banks are announced by the comptroller: Washington-The / First National bank of Colfax, no cashier in place of Charles F. Russell. Idaho-The First National bank of Kendrick, Fred Bregman assistant cashier. Oregon-The First National bank of The Dalles, George A. Liebe, vice president; the First National band of Heppner, S. H. Spencer, assistant cashier in place of C. I. Lewis; the McMinnville National bank. McMinnville, N. S. Link, assistant cashier; the First National Bank of South. ern Oregon, at Grants Pass, C. F. Cass, president in place of J. C. Campbeil; the First National bank of Corvalis, W. T. Wiles, vice president in place of Z. H. Davis: the United States National bank of Portland, James Newlands, assistant cashier in place of F. W. Sherman.