American Bank & Trust Company (Great Falls, MT)

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Henter Works on Opening A

B.&T The plans for reopening the Americon Bank & Trust company at Great Falls are of local interest from the fact that Leo A. Henter, formerly cashier of the First National Bank of Belt. is active in the matter and has already submitted several propositions to the stockholders and directors. A meeting was held Monday evening at holders and depositors are requested which Mr. Henter submitted a plan to the stockholders present and which will be submitted again tonight at a meeting called at which all stockHenter is to form a holding corporto be present. According to the statement of one of the directors present at Monday night's meeting, the plan of Mr. Henter is to form a holding corporation in which depositors of the bank will take stock to the amount of their deposits, the corporatio n to secure funds by subscription to the treasury stock of the holding corporotion, necessary for reopening the bank. The details have not been fully worked out but the plan appeared feasible to those who heard Mr. Henter explain it. sufficiently so at least that the meeting has been called for this evening. Albert W. Springhorn, chief deputy in the office of State Superintendent of Banks L. Q. Skelton, was recommended as receiver of the Ameriran Bank & Trust company of Great Falls to Judge J. B. Leslie in the district court Friday morning by Mr. Skelton and Mr. Springhorn was duly appointed by the court.

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American Bank and Trust Co

Reorganization To Our Fellow Depositors: The undersigned Committee of Depositors are cooperating with the regular reorganization committee of stockholders. We are none of us identified with the bank as stockholders, but all have substantial deposits therein. We are convinced that the plan of reorganization adopted by the stockholders is feasible, fair to depositors, and the only means by which the interests of depositors will be preserved. We can readily see that under liquidation by Receiver the depositors stand to lose the greater portion or all they have in the bank, but under the proposed plan of reorganization we believe they will have a chance to save their entire deposit. We have signed up all our own deposits, and strongly urge our fellow depositors to do likewise. It is of grave importance to us all that this be done speedily. Sign today and thus hasten the reopening of the bank and the saving of our deposits therein. D. J. M'INTOSH HOWARD G. BENNET R. J. BARBER J. A. BLESSING H. R. WAHOSKE

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URGE AMERICAN

DEPOSITORS TO

HELP WITH PLAN

Committees Give Notice That Unless Agreement Is Signed, Bank Cannot Open.

Centering their efforts on an early reorganization of the American Bank & Trust company as a means of stopping the discounting of paper in the east, special committees representing the bank's stockholders and depositors are urging all depositors to accept the agreement under which it is intended that the bank will be opened. The plan adopted calls for payment of 50 per cent of the deposits in from two to four years, while the remaining half will be taken out in stock in a holding company.

Subscribers Not Liable Owing to an erroneous impression that stockholders in the holding company would be liable for any losses that might accrue to the bank, certain of the stockholders last week responded slowly to the recommendation that the agreement be signed, but with the assurance of competent legal authorities that in signing the agreement the depositors would assume no obligations in this regard, the reorganization plan is going forward satisfactorily, it was stated Saturday.

In a statement issued by committees for the depositors and stockholders Saturday evening, all depositors who have not signed the agreement were furnished the following information and urged to give their assistance in the reorganization work: "The American bank will not open unless all depositors sign up. Many depositors have already signed up. All must do so before the bank may be reopened. All those who have not signed should call at once at the office of Dirks' Agency company, 12 Third street north, where there will be a committee of depositors to explain the plan.

Old Stockholders Not Released "The stockholders will not be released from their liability under this plan, but are making a voluntary assessment upon themselves to supply the necessary cash reserve to reopen. Eastern banks that hold $1,200,000 of the bank's best paper against loans amounting to $500,000 were attempting to foreclose a few days ago. With the assistance of the receiver now in charge the reorganization committee succeeded in cancelling proceedings upon the condition that reorganization be completed immediatelly. The eastern banks have expressed willingness to assist, providing stockholders and depositors can reorganize at once. Depositors signing will not be liable for debts of the bank, or have stock liability in the holding company. An entirely new management will govern the reorganized bank."

The statement was signed by H. G. Bennet, Mrs. Frank Powell, R. J. Barber, H. R. Wahoske, D. J. McIntosh, J. A. Belssing, members of the depositors' committee, and Alfred Malmberg, L. H. Kommers, A. B. Dirks, A. J. Fousek and J. J. Flaherty, the reorganization committee.

Nearly 20,000 women in the United

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Change Executor of Mueller Estate

The American Bank and Trust company of Great Falls was removed Monday by Judge H. W. Ewing as executor of the Cascade county estate of the late William Theodore Mueller, of Neihart, who died on January 20, 1921. Letters testamentary in the estate were revoked by the court as a result of representations made by the Illinois Trust & Savings bank, executor of Mueller's estate in Cook county, Illinois. Judge Ewing suspended the executorship of the American Bank and Trust company several days pending investigation of the complaint.

The court's orders also decreed that the American Bank & Trust company turn over to the successor in the estate all of the property and assets in its charge, and that its liability as executor shall continue until a full and complete accounting had been rendered the court. The Illinois Trust & Savings banks related that the American Bank & Trust company had collected $60,589.23 as assets of the estate, of which $59,230.17 was deposited in the bank a short time before it closed.

A. W. Springhorn, receiver of the American Bank & Trust compnay, in answer to the charges brought by the Illinois bank, said that it was legally permissable for him to carry out the executorship and that he was willing to do so. He asked for dismissal of the petition of the Illinois bank for the appointment of the Great Falls National bank as the new executor of the estate. This petition will be heard by Judge Ewing on February 23.

Mueller was a well known mining man and at the time of his death was the owner of stock in mines and claims in and around Neihart that was computed by appraisers to have a value of $89,852.97. He left the bulk of his estate to relatives living in Milwaukee and Chicago and in Germany.

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Final Date Fixed

for Claims on Bank

All claims of creditors against the American Bank & Trust company must be presented on or before May 31, if they are to be allowed, according to an order signed Thursday by District Judge J. B. Leslie. The order was signed in response to a petition from A. W. Springhorn, receiver of the bank.

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City Receives Check for $40,250 to Cover Bank Failure Loss City Treasurer W. P. Wren Friday received a check for $40,250 from the National Surety company, covering its liability for the amount of city funds on deposit in the American Bank and Trust company. With the exception of a personal bond covering a small amount, the city is now entirely reimbursed for its funds lost by the closing of the bank. Payment of the check has been delayed because of the demand of Mayor R. M. Armour and City Attorney Charles Davidson that the surety company pay interest on the amount from the time the bank went into a receivership. After several conferences, counsel for the surety company agreed to pay an additional $250 as interest.

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CLAIMS ON ALL

BANK DEPOSITS

MUST BE FILED

Receiver Warns Customers That May 31 Is Final Day for Action.

Warning that depositors of the American Bank and Trust company must file claims before May 31 or the claims will not be considered was issued Saturday by A. W. Springhorn, receiver.

The time limit on the filing of creditors' claims applies equally well to depositors, Mr. Springhorn said, and there are now but 30 per cent of these claims filed. He urged that the depositors seek to make their filings as soon as possible, since only 15 days remain and thus any sudden rush on the last of the month will be avoided. Many of the depositors, he said, had failed to make the filings, believing that it was enough to appear on the bank books as depositors, while others felt that signing up with the reorgan-

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GREAT FALLS BANK MAY LOSE OVER $500,000.00 Failure of the depositors to agree upon arrangements for reopening the institution threatens a loss of $80,000 in assets of the American Bank and Trust company of Great Falls, according to A. H. Gray, chairman of the reorganization committee. "A letter recently received from one of the eastern creditors of the American Bank and Trust company which had a claim against the bank for about $70,000 secured by collateral notes to the amount of about $150,000" said Mr. Gray, "advises that they have foreclosed and sold this collateral. Whether the collateral brought sufficient in the sale to pay off this creditor or whether there will be a deficiency which may be filed as an unsecured claim with the receiver, the same as other depositors, the letter did not state. But this is certain, that unless some arrangement can be made to redeem this collateral the depositors have lost $80,000 on this one transaction. "The letter stated that if the bank reorganized and reopened that it is possible that an arrangement may be made with the purchaser by which a redemption may be made, but there is nothing certain about this. It is only a question of time until all the eastern creditors will do likewise and, when they do, all hope of reorganization will be past and our depositors will be obliged to take the loss of more than $500,000."

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HEAR SKELTON ON PLANS FOR CLOSED BANK Superintendent Must Approve Before American Can Be Reorganized. L. Q. Skelton. state superintendent of banks, will be in Great Falls Tuesday to confer with the depositors' reorganization committee on matters affecting the proposed reorganization of the American Bank & Trust company, according to an announcement made Saturday by Hugh M. Jones, chairman of the committee. Approval of Skelton of the reorganization work is necessary before its plans can be carried out. He will address a meeting of the depositors who have not signed the extension agreements for reorganization Tuesday evening at 8 o'clock at Carpenters' hall, 716 First avenue south. The committee has asked that none but those who have not yet signed up be present at the meeting. Jones urges that all of those who have not signed the agreement be present to hear Skelton, as he will outline the attitude of his department and something of the plans for the bank. Jones said that the work of signing up the depositors is progressing well but slowly, and he asked that all who care to sign call at his office at 121 Central avenue. Some $110,000 of deposits have not yet been signed up, it is said, and of this all, with the exception of a few thousand dollars, are live accounts that must be signed before there is a possibility of opening the bank again. A small part of these accounts are of persons who cannot be reached and those whose addresses are unknown. All those whose principals are known must be signed up, it was announced, before the bank can be opened. Eastern banks have realized on some $230,000 of the assets of the bank, clearing about half of the obligations to the eastern banks, according to members of the depositors' committee. A few collections have been made through the office of the receiver.

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AMERICAN BANK CHIEFS EXPECT SPEEDY ACTION Court Order Grants Committee Use of Present Offices Until Nov. 15. Another month of effort on the part of the depositors' committee. which is endeavoring to reorganize and reopen the American Bank and Trust company, has advanced the work until the committee Wednesday expressed confidence that the plan can be successfully matured within a short time. About 80 depositors have not signed the reorganization agreêment, but the committee feels that the success or failure of the work rests with six or eight owners of larger accounts who still are withholding their signatures. Time Extended Upon the solicitation of Hugh Jones, chairman of the committee, District -Judge J. B. Leslie Wednesday extended for 15 days the period during which the receiver may retain the quarters formerly occupied by the bank. A short time ago Judge Leslie issued an order in which he said he would require the receiver to occupy less expensive offices if the reorganization plan was not completed by November 1, but with the showing made by the committee during the last month the court extended the time to November 15. The chairman was given to understand that observation of good business methods would compel the court to definitely order the removal of the offices on that date if the reorganization then is not perfected. The bank's furniture and fixtures will be sold under a court order if the receiver's offices are moved and the committee has stated that once this is done and the banking rooms vacated, it will be useless to attempt to continue the reorganization work. With this situation obtaining, Jones said Wednesday evening that the next 15 days will mark the final effort to reopen the bank. With Jones on the committee are J. E. Healey, Bernard Duffy, John Knutson and Charles Hanson. The committee has requested depositors who have not signed to call at 121 Central to procure information on the plan under consideration. Favors Denied Some of the depositors who have not signed have told the committee that they will enter into an agreement that would give them special privileges if the reorganization were effected, but all such proffers have been and will be rejected, Jones stated. Jones asserted that the committee never will consider giving a special advantage to any depositor and that rather than consent to such an arrangement the receivership will be continued until the banks' affairs are wound up.

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ABANDON HOPE

OF REOPENING

AMERICAN BANK

Court Orders Fixtures Sold; Nov. 25 Final Date for Depositors' Action.

Bank furniture, fixtures and equip- ment of the American Bank and Trust company were Thursday ordered sold by November 25 in a district court or- der, signed by Judge J. B. Leslie. Re- ceiver A. W. Springhorn was ordered to advertise a date not later than No- vember 25, on which he will offer the bank property for sale. All sales must be reported to Judge Leslie by Novem- ber 30, and confirmed by him before they become effective, the order reads. "It is still possible to reorganize and reopen the bank. But if done at all it must be done before the sale of fix- tures is confirmed by the court," A. H. Gray, chairman of the committee which, since last February, has been working to reopen the institution. The bank did not open on December 2, 1921, by vote of the directors.

Do Not Expect to Open

"Depositors representing about $1,000,000 have signed up with the com- mittee, but because a small minority, representing $50,000, refuse to take like action plans are held up. If this mi- nority of 20 people will sign up under the terms laid down by the state bank examiner we will yet be able to reopen the bank. But they have failed to do so in the past nine months and prob- ably will not change their attitude now. "If these 20 depositors would sign up the bank could reopen with every reasonable assurance that all deposit- ors would then in the course of time be paid in full. If they do not sign the matter is ended and the bank can- not open. The stockholders have very little at stake in the failure as com- pared with the depositors. The fate of 4,000 depositors is in the hands of 20 unsigned depositors. If these 4,000 depositors can persuade the 20 to sign, the success of the bank is assured. "Judge Leslie has just made an order directing the receiver to advertise the furniture and fixtures of the bank for sale for November 25, but I presume that if these 20 unsigned depositors would sign up at once so that the re- opening of the bank might be assured the sale of these fixtures might be stopped. If, however, these are not signed and the fixtures are sold then all further hope of reorganization must be abandoned. Twenty depositors out of 4,000 are absolutely blocking the success of the reorganization." Judge Leslie's order, handed down by him as a step to reduce the expense of the receivership, follows:

Court Granted Time

"For the purpose of giving the com- mittee on reorganization of the Amer- ican Bank and Trust company time in which to secure a sufficient number of signers of depositors in the said bank necessary to reorganize the bank, the 30th day of October was the date fixed within which such signers might indi- cate a willingness to take steps to reorganize said bank, and thereafter the committee on reorganization hav- ing asked for a further extension of time, until the 15th of November, and an order having been made granting such extension, and no reasonable as- surance having come to the knowledge of the undersigned judge that a suf- ficient number of depositors can be obtained; now, in order to reduce the expenses of conducting the receivership of said bank, the receiver is hereby di- rected to take immediate steps looking to the sale and disposition of the furni- ture, fixtures and equipment of said bank which have come into his hands as receiver, and to give notice of a date certain, not later than the 25th of No- vember, 1922, by publication for a period of not less than eight days in one or more of the local newspapers in Great Falls, on which date or there- after he will offer for sale the said furniture, fixtures and equipment of said bank; and he may receive sealed bids, or sell privately, but all sales must be reported within five days from the said 25th day of November to the court for confirmation before the same is to become effective; and he is fur- ther directed to take such necessary steps under the lease held by the bank of the premises now occupied by him, with a view of vacating and surrender- ing the said premises and to secure less expensive quarters, to be approved by the court."

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The plaintiff alleges as follows:

"That the said American Bank and Trust company of Great Falls, Mont., is, and during all the times hereinafter mentioned, was capitalized for the sum of $225,000, and that the capital stock thereof consists, and at all times herein mentioned, consisted of 2,250 shares, each share of the par value of $100, and that all of said capital stock had been prior to the 3rd day of December, 1921, duly issued to the shareholders of said bank.

"That on the 3rd day of December, 1921, the American Bank and Trust company of Great Falls, Mont., was and, at all times since, has been in an insolvent condition. That said bank was on said date and at all times since has been unable to meet its obligations as they became due in the usual course of business or at all. That the assets, property and credits of said American Bank and Trust company were on said 3rd day of December, 1921, and have been at all times since insufficient to pay its debts and liabilities. That on said 3rd day of December, 1921, it was apparent that said bank would be obliged to suspend its ordinary operations, and that its creditors could not be paid in full, and that a distribution of its assets among its creditors would take place. That by reason of such insolvent condition of said bank it suspended its ordinary operations and closed its doors to business on said 3rd day of December, 1921, and at all times since has remained closed to business as a banking corporation or otherwise.

"That thereafter and on the 7th day of January, 1922, by an order duly made and given by the above entitled court, A. W. Springhorn, plaintiff herein, was duly appointed receiver of said American Bank and Trust company, and at all times since said 7th day of January, 1922, has been and now is the duly appointed, qualified and acting receiver thereof.

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"That on the 3rd day of December, 1921, the American Bank and Trust company of Great Falls, Mont., was and, at all times since, has been in an insolvent condition. That said bank was on said date and at all times since has been unable to meet its obligations as they became due in the usual course of business or at all. That the assets, property and credits of said American Bank and Trust company were on said 3rd day of December, 1921, and have been at all times since insufficient to pay its debts and liabilities. That on said 3rd day of December, 1921, it was apparent that said bank would be obliged to suspend its ordinary operations, and that its creditors could not be paid in full, and that a distribution of its assets among its creditors would take place. That by reason of such insolvent condition of said bank it suspended its ordinary operations and closed its doors to business on said 3rd day of December, 1921, and at all times since has remained closed to business as a banking corporation or otherwise.

"That thereafter and on the 7th day of January, 1922, by an order duly made and given by the above entitled court, A. W. Springhorn, plaintiff herein, was duly appointed receiver of said American Bank and Trust company, and at all times since said 7th day of January, 1922, has been and now is the duly appointed, qualified and acting receiver thereof.

"That the assets, property and credits belonging to said American Bank & Trust company have been at all times since the failure and closing of said bank and now are wholly insufficient to pay its debts and liabilities. That said bank is in a hopelessly insolvent condition, and that in order to pay its said debts and liabilities it has become necessary to collect the full and entire amount of the statutory stockholders' liability.

"That on or about the 7th day of June, 1923, upon a proper proceeding before the district court of the Eighth judicial district of the state of Montana, in and for the county of Cascade, in the matter of the above receivership, said court duly found, made and entered its order therein, that it was necessary, in order to pay the debts and liabilities of said American Bank & Trust company, that the full amount

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AMERICAN RECEIVER SUES ON BANK STOCK LIABILITY

Initiates Action While $150,000 in Hands of Committee Awaiting Court Decision on Reopening Litigation.

Eighty-one stockholders of the American Bank & Trust company of Great Falls are named defendants in a suit filed Thursday afternoon in district court by A. W. Springhorn, receiver of the institution, in which payment under stockholders' statutory liability is sought. The bank, capitalized at $225,000, closed its doors in December, 1921.

Action was brought by Receiver Springhorn, following an order made by Judge Jere B. Leslie in district court, dated June 7, 1923, whereby it was held that in order to pay the debts and liabilities of the bank, it was necessary that the full amount of the statutory liability of stockholders be collected.

Receiver Springhorn filed his suit during the pendency of an action in which the stockholders' and depositors' committee is demanding of the court that the concern be found solvent and ordered reopened. The case was heard last week before Judge J. B. Leslie and the court's decision is expected within the next few days.

According to A. H. Gray, chairman

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AMERICAN BANK RECEIVER SUES STOCKHOLDERS BANK

Great Falls, July 27.—Eighty-one stockholders of the American Bank & Trust company of Great Falls are named defendants in a suit filed Thursday afternoon in district court by A. W. Springhorn, receiver of the institution, in which payment under stockholders' statutory liability is sought. The bank, capitalized at $225,000, closed its doors in December, 1921.

Action was brought by Receiver Springhorn, following an order made by Judge Jere B. Leslie in district court, dated June 7, 1923, whereby it was held that in order to pay the debts and liabilities of the bank, it was necessary that the full amount of the statutory liability of stockholders be collected.

Receiver Springhorn filed his suit during which the stockholders' and depositors' committee is demanding of the court that the concern be found solvent and ordered reopened. The case was heard last week before Judge B. Leslie and the court's decision is expected within the next few days.

According to A. H. Gray, chairman of the committee, there is now in his possession approximately $150,000 in checks, given him by stockholders in payment of their liability. This money is in addition to cash paid direct to the receiver, and was placed with Chairman Gray for use by the bank in the event of reopening was ordered by the court, or consented to by L. Q. Skelton, state superintendent of banks.

"So long as the committee's suit was pending, it is difficult to understand why Receiver Springhorn brought suit against the stockholders," said Mr. Gray. "The money in my hands would have been paid direct to the receiver but for the law which provides that all moneys of this nature coming into his possession must be used in discharging the bank's liabilities. This would have left it unavailable for use by the bank if it reopened.

"It is understood that in case the bank is not reopened that I shall return it to the stockholders, but it was raised by them to meet their stock liabilities and it is generally understood that it would be paid over to the receiver immediately if the committee loses its suit. With the exception of a few amounts which certain stockholders are unable to pay and the cash that has been paid to the receiver, this money in my hands represents all of the stock liability due the bank. I do not know what effect the receiver's suit will have on the movement to reopen the bank, except that anything of this nature is bound to further complicate matters."

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STOCKHOLDERS OF BANK SUED

RECEIVER OF CLOSED INSTITUTION WOULD FORCE PAYMENT STATUTORY LIABILITY.

Special to The Record-Herald.

GREAT FALLS, July 28.—Eighty-one stockholders of the American Bank and Trust company of Great Falls are named as defendants in a suit filed in district court by A. W. Springhorn, receiver, in which payment under stockholders' statutory liability is sought. The bank, capitalized at $225,000, closed its doors in December, 1921.

Action was brought by Receiver Springhorn, following an order made by Judge Jere B. Leslie in district court, dated June 7, 1923, whereby it was held that in order to pay the debts and liabilities of the bank, it was necessary that the full amount of the statutory liability of stockholders be collected.

Receiver Springhorn filed his suit during the pendency of an action in which the stockholders' and depositors' committee is demanding of the court that the concern be found solvent and ordered reopened. The case was heard last week before Judge J. B. Leslie and the court's decision is expected within the next few days.

According to A. H. Gray, chairman of the committee, there is now in his possession approximately $150,000 in checks, given him by stockholders in payment of their liability. This money is in addition to cash paid direct to the receiver and was placed with

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Special to The Record-Herald.

GREAT FALLS, July 28.—Eighty-one stockholders of the American Bank and Trust company of Great Falls are named as defendants in a suit filed in district court by A. W. Springhorn, receiver, in which payment under stockholders' statutory liability is sought. The bank, capitalized at $225,000, closed its doors in December, 1921.

Action was brought by Receiver Springhorn, following an order made by Judge Jere B. Leslie in district court, dated June 7, 1923, whereby it was held that in order to pay the debts and liabilities of the bank, it was necessary that the full amount of the statutory liability of stockholders be collected.

Receiver Springhorn filed his suit during the pendency of an action in which the stockholders' and depositors' committee is demanding of the court that the concern be found solvent and ordered reopened. The case was heard last week before Judge J. B. Leslie and the court's decision is expected within the next few days.

According to A. H. Gray, chairman of the committee, there is now in his possession approximately $150,000 in checks, given him by stockholders in payment of their liability. This money is in addition to cash paid direct to the receiver, and was placed with Chairman Gray for use by the bank in the event of reopening was ordered by the court, or consented to by L. Q. Skelton, state superintendent of banks.

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Case Argued Here Has Bearing on Suits in Great Falls Court

Special to The Record-Herald.

GREAT FALLS, March 11.—Should the state supreme court uphold the contention raised in Helena that the new state banking law repealed that portion of the criminal code holding bankers liable to prosecution for receiving deposits in an insolvent bank, the decision will have an important bearing on three of the bank cases scheduled for trial here during the coming term of district court.

This question, which was argued Monday before the state tribunal, was raised by Fred Naegele, a former director of the Banking corporation, who was indicted on a charge of receiving a deposit when he and other officers knew the institution was insolvent.

Former bankers under indictment here on similar charges include R. P. Reckards, Forrest Nelson, formerly president and cashier respectively of the American Bank and Trust company; Elmer Dawson and H. E. Musselt, officials of the State bank of Belt at the time of its closing. Reckards and Nelson were named in the first true bills returned by the county grand jury and the other two on March 1, when the jury returned nine indictments.

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Plaintiff,

-VS-

Alexander H. Yule, and Helen Yule, his wife, A. W. Springhorn, as Receiv- er of the American Bank and Trust Company of Great Falls, Montana, a corporation, Defendants.

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RECEIVER SUES GREAT NORTHERN FOR $200 The Great Northern railway is named defendant in a $2,000 conversion suit filed in district court Tuesday in Great Falls by A. W. Springhorn, as receiver for the defunct American Bank & Trust company. The action involves an aggregate of 1,820 feet of trackage, formerly owned by the Cascade Sand & Gravel company, which, the complaint alleges, was torn up by the railway company. The bank claims title to the trackage by reason of a mortgage, alleged to have been given it by the gravel company, June 11, 1921, as part security for a $17,000 promissory note. The note was due December 11, 1924, and is unpaid.

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O'NEIL AWARDED

OIL LAND LEASE

An order permitting the leasing of 1,020 acres of ground in Teton county, for oil and gas development operations, was filed in the district court Wednesday by District Judge H. H. Ewing upon petition of A. W. Springhorn, receiver of the American Bank & Trust company of Great Falls.

In the petition to the court, Mr. Springhorn stated that Louis B. O'Neil, is deserious of drilling a test well on the acreage and had agreed to pay a royalty of 12½ per cent of all production. The lease provides that in the event that the first well drilled should be a dry hole and other operations not commenced within 12 months from expiration of the last rental period the lease automatically revert to the trust company.

The lands specified in the lease are located in sections 18 and 7, township 25, range 5, and sections 12, 11, 1 and 2 of township 25, range 6 west, all between Choteau and Bynum.

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EDWARD W. ELLIS, Plaintiff.

GLENN NORMAN PARKER and ALDA H. PARKER, his wife, LIBERTY INDUSTRIAL CORPORA- TION, a corporation, THE FIRST NATIONAL BANK OF GREAT FALLS, a corporation, WALTER KENNEDY, and A. W. SPRING- HORN, as Receiver of the American Bank & Trust Company of Great Falls, a corporation, Defendants.

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ANN PEARSON, Plaintiff

NORMAN PARKER and ALDA H. PARKER, his wife, THE FIRST NATIONAL BANK of GREAT FALLS, a corporation, WALTER KENNEDY, and A. W. SPRING-HORN, Receiver of the American Bank and Trust Company of Great Falls, Montana, Defendants,