Article Text
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.
First National Bank (Helena, MT)
Episode Information
- Episode UID
164901123- Episode Type
- Run → Suspension → Closure
- Bank Type
- national
- Bank ID
-
16490national - Charter Number
- 1649
- 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
f06e3e6cd52aeeb9
Response Measures
Accommodated withdrawals, Public signal of financial health, Capital injected, Full suspension
Receivership Details
- Depositor recovery rate
- 39.0%
- Date receivership started
- 1896-09-11
- Date receivership terminated
- 1903-06-17
- OCC cause of failure
- Losses
- Share of assets assessed as good
- 49.5%
- Share of assets assessed as doubtful
- 39.3%
- Share of assets assessed as worthless
- 11.1%
Description
Bank suspended in 1893 and reopened in 1894; ultimately failed and went to receiver in Sept 1896.
Events (8)
1.
April 5, 1866
Chartered
- Source
- historical_nic
2.
July 27, 1893
Suspension
- Cause
- Macro News
- Cause Details
- Panic of 1893 led to banks failing to open and runs on city banks.
- Newspaper Excerpt
- Helenn Banks Closed. HELENA, MONT., July 27.-The First National and Montana National banks failed to open this morning.
- Source
- newspapers
3.
January 27, 1894
Reopening
- Newspaper Excerpt
- The First National bank...opened to-day with a million dollars in the safe. ... Has Resumed Business. The First National Bank of Helena, Mont., which suspended in July last, has resumed business and has been designated by the Secretary of the Treasury a depositary of public moneys.
- Source
- newspapers
4.
December 6, 1894
Other
- Newspaper Excerpt
- The First National and the Helena National banks have been consolidated, and the new bank will take the name of the First. ... It reopened under an agreement with the depositors to take deferred certificates.
- Source
- newspapers
5.
September 4, 1896
Run
- Cause
- Correspondent
- Cause Details
- Heavy withdrawals demanded by eastern creditors/withdrawals ordered by eastern people strained bank liquidity.
- Newspaper Excerpt
- The First National Bank of Helena failed to open its doors for business this morning. Notice is hereby given that this bank has closed its doors, on account of withdrawals of deposits beyond its power to respond.
- Source
- newspapers
6.
September 4, 1896
Suspension
- Cause
- Correspondent
- Cause Details
- Inability to meet heavy withdrawal demands from eastern creditors and correspondents.
- Newspaper Excerpt
- Notice ... the bank has closed its doors, on account of withdrawals of deposits beyond its power to respond.
- Source
- newspapers
7.
September 11, 1896
Receivership
- Source
- historical_nic
8.
September 11, 1896
Receivership
- Newspaper Excerpt
- Comptroller Eckels today appointed E. D. Edgerton receiver of the First National Bank of Helena, Mont.
- Source
- newspapers
Newspaper Articles (21)
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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.
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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.
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A Run at Helena, Mont. HELENA, Mont, July 28.-The First national and Montana national banks failed to open this morning. A run is now in progress on the other banks.
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THE FIRST NATIONAL. Batte Inter Mountain. Beore one for the state capital. The First National bank. which was closed down by the democratic paule of last summer, opened to-day with a million dollars in the safe. We congratulate all the people of Helena, all the bank officers, all the depositors and particularly Sam Hanser. This should be a red letter day with Sam and he should celebrate it by joining the republican party and getting in line with the intelligence, patriotism and Christianity of the age.
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Marysville Gazette. We are pleased to furnish our readers with the advertisement of the First National bank of Helana, which opened its doors Mondav. People all over the state are glad to learn that the old institution, which is 80 dear to all Montanians, is her. self ORCE more. The panic is over. Prosperity and commercial activity are rapidly returning: and Marysville sends greeting to the capital cityites, and, when budding springtime comes, we hope to see Helena's feeders like Marysville, and Helena herself, booming as they never did before.
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Has Resumed Business. The First National Bank of Helena, Mont., which suspended in July last, has resumed business and has been designated by the Secretary of the Treasury a depositary of public moneys.
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BANK CONSOLIDATION. Two Helena Banks Made One with a Large Capital. Helena, Mont., Dec. 6.--The First National and the Helena National banks have been consilidated, and the new bank will take the name of the First The First National was National. caught in the panic and for a few weeks it was closed. It reopened under an agreement with the depositors to take deferred certificates. Under the terms of the consolidation the capital stock of the First National Bank will be $800,000, and the undivided profits, $200,000. The general balances of the new institution will be very little short of $5,000,000. Ex-Governor Hauser will continue to be president.
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BANKS CONSOLIDATE, First National and Helena National Get Together. Helena, Mont., Dec. 6.-The First National and the Helena National banks have consolidated and the new bank will take the name of the First. The First is the great bank that has given Montana renown in the financial world, but the panic caught it and for a few weeks it was closed. It reopened under an agreement with the depositors to take deferred certificates. Under the-terms of the consolidation, the capital stock of the First National bank will be $800,000 and the undivided profits $200,000.
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HADN'T THE MONEY TO PAY Helena, Montana, Bank Succumbs to the Demands of Depositors, Helena, Mont., Sept. 4--The failure of the First National bank of this city was announced this morning by the post ing of a notice that the bank was unable to meet withdrawals demanded of it. The notice was signed by E. D. Edgerton, vice president and manager, who says creditors will be paid in full. The directors refuse to talk and no statement of assets and diabilities have been made. It is said the failure is due to the bank's inability to realize on assets to cover demands of eastern creditors. Heavy demands have been made on the bank for the past week, it is said, and coming SO close together caused trouble. Vice President Edgerton said this afternoon that without doubt the assets would more than pay the depositors in full and leave something for the stock(holders. The way business is now, it will take quite a while to close up the affairs of the bank and realize on the assets. However, Comptroller Eckels has placed Bank Examiner Flynn in charge of the bank. The last statement published shows that at the close of business July 14, there was due to other banks, depositors and on checks outstanding, a total of $3,500,000. Loans and discounts were $3,500,000; stocks and securities $300,000; due from other banks and reserve agents $680,000. There were no signs of a run on any other banks.
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(Special to The Herald.) BUTTE, Mont., Sept. 4.-The First National Bank of Helena failed to open its doors for business this morning. The following notice, typewritten, signed by E. D. Edgerton, vice-president and manager of the bank, was placed on the door of the bank just a few minutes before 10 o'clock: "Notice is hereby given that this bank has closed its doors, on account of withdrawals of deposits beyond its power to respond. Depositors will be paid in full." A special from Helena says beyond that nothing authentic can be learned, as everyone connected with the bank refused to talk. The failure of the bank to open its doors this morning was not a surprise, as an inkling of the trouble was current talk upon the street last night. Rumors first got out that the bank was liable to close, by its failure to cover its clearings in the clearing house yesterday afternoon at 2:30. Some of the Butte stockholders of the bank give the cause of the failure as owing to large withdrawals ordered by eastern people, which the bank was unable to meet. Ex-Governor S. T. Hauser, who was president of the bank, was one of the prominent silver delegates in the Chicago convention, and since then has been espousing the cause of silver in the east. He had been warned by eastern bankers to desist or trouble would follow. He did not heed the warning, and withdrawals were ordered. It is said the depositors will be paid in full.
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FAILURES. The Columbus (Ohio) Central Street Railway company placed in a receiver's hands; Habilities a million and a half. The First National Bank of Helena, Mont., failed. -
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EASTERN CREDITORS PUSHED IT. Failure of the First National Bank of Helena Was Expected. Helena, Mont., Sept. 4.-The failure of the First National bank of this city was announced this morning by the posting of a notice that the bank was unable to meet withdrawals demanded of it. The notice was signed by E. D. Edgerton, vice president and manager, who says creditors will be paid in full. The directors refuse to talk and no statement of assets and liabilities has been made. It is said the failure is due to the bank's inability to realize its assets to cover demands of eastern creditors. The bank's capital and surplus is $1.000,000, and it is the United States depository, with large United States funds on hand. Its officers are T. Hauser, president; E. D. Edgerton, vice president and general manager, and George Hill, assistant cashier. Its directors are among the strongest men in Helena. The failure was not a surprise to all, for it was current talk on the streets last night that it would not open today. The A. J. Davis estate, famous for the litigation over the millions left by Davis, owns 55 per cent of the capital, and it was claimed here last night that young Davis, whose possession of the stock was a few weeks ago allowed by the claimants after a long fight, was coming from Butte with the cash to tide the bank over. Davis came, but the bank did not open.
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Receiver for Montana Bank. Comptroller of the Currency Eckels said yesterday that it will be necessary to place the failed First National Bank of Helena, Mont., in the hands of a receiver and he will appoint one within a day or two. 1
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Back Fails. HELENA, Mont., Sept. 4.-The failure of the First National Bank of this city was announced this morning by the posting of a notice that the bank was unable to meet withdrawals demanded of it. The notice was signed by E. D. Edgerton, Vice President and manager, who says creditors will be paid in full. The directors refuse to talk, and no statement of assets and liabilities has been made. It is said the failure is due to the bank's inability to realize on assets to cover demands of Eastern ereditors. It is claimed that the real cause of the failure is due to the high official who went east and espoused the silver cause. Eastern creditors warned him that trouble might follow for the bank if he still continued talking silver. He refused to listen, so it is claimed, and these Eastern creditors demanded their money, and the bank was unable to realize upon its assets and had to close. The failure of the bank caused no panie, the other banks being in good condition.
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Bank Receiver Appointed. Comptroller Eckels today appointed E. D. Edgerton receiver of the First National Bank of Helena, Mont.
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Bank Receiver Appointed. Controller Eckels has appointed E. D. Edgerton receiver of the First National Bank of Helena, Mont., which recently suspended.
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In a Receiver's Hands. Helen, Sept. 10.-Judge Buck today, on the petition of James T. Pronger, appointed Wm. T. Bickett of this city receiver of the Marvsville bank, which suspended as soon as the failure of the First National bank at Helena was announced. The bank was owned by the petitioner and E. 1). Edgerton and John Edgerton@who formed a copartnership in 1893. It was closely allied with the First National and its failure was due entirely to the suspension of of the latter. The liabilities of the bank are about $39,000 and the asThe bank sets an equal amount. began business on a set of books without capital..
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HELENA BANKS. A Startling Rumor That Many of Them Were on the Verge of Collapse Is Denied. (Special to The Herald.) BUTTE, Mont., Oct. 26.-The startling rumor that several additional banks in Helena were on the verge of collapse was circulated in business circles today, but the following special received in Butte this evening indicates that the runs on the banks is not so serious as reported: "The run on the Merchants' Nationl bank, which began last week, has almost abated, and the institution is meeting every demand, and claims it will hold out till every depositor is paid in full. The Montana National had a little run for a day or two, but as the depositors soon found out it was invulnerable, and had more money than depositors could possibly call for, they soon got tired and quit. The trouble all grew out of the distrust created by the failure of the First National of Helena, and the methods of the management of that institution. It advertised to pay interest and accented deposits from all over Montana, and as far off as Minnesota, and when it had corralled all the loose money it could expect, it failed because the Northern Pacific drew out a paltry $60,000. "One man in Beaverhead county had $60,000, every dollar he had on earth, deposited in that institution.
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Salt Lake City, Feb. 15.-A special to the Salt Lake Tribune from Helena, Mont., says: The suspension of the Merchants National bank on Saturday the 13th Inst., may bring about a public Investigation to Inquire more closely Into the factsleading up to the failure. This Inquiry will not be by process of law, but by Indignant citizens. With the exception of a certain class, the fallure of L. H. Hershheld banks is looked upon as one of the reatest outrages perpetrated on the citizens of this State. Ever since the First National bank of this city falled, rumors have been current not only In this city but throughout the State that the Merchants' was unsound. The First National failed six months ago, and these rumors have not been allowed to die in the meantime. The result was that money was continu. ally withdrawn by the effect of the rumors and by persuamon, until the time came when Mr. Hershneld was compelled to close to save his depositors, who will get 100 cents on the dollar. President Marlowe of the Montana National bank of this city says the Merchants' bank is perfectly sound and need not have shut down had It been left alone for a week or two and been given an opportunity to realize on its assets, The fact that It stood a run for six months shows that It was sound In the first place. The citizens of Helena are Incensed that some of its citizens would circulate rumbers and be so persistent in this as to break a bank. When once the t investigation is started, no stone will be unturned to find out who started the rumors, and to punish the origin tors. t
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SOME BANK CHANGES. Helena, Mont., Nov. 10.-J. Samuel Brown, receiver of the First National bank, has resigned and Eugene T. Wilson, receiver of the Merchant's national, was put in charge of the affairs of both institutions.