Livingston National Bank (Livingston, MT)

Episode Information

Episode UID
411701123
Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
41170 national
Charter Number
4117
Start Date
July 7, 1893
Location
Livingston, Montana (45.662, -110.561)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
b9d374b961e1bb37

Response Measures

None

Receivership Details

Depositor recovery rate
57.3%
Date receivership started
1893-07-20
Date receivership terminated
1901-01-05
OCC cause of failure
Losses
Share of assets assessed as good
27.9%
Share of assets assessed as doubtful
29.4%
Share of assets assessed as worthless
42.7%

Description

Contemporary reporting links the failure to a cashier's defalcation and falsified statements; receivership followed within two weeks.

Events (4)

1. September 11, 1889 Chartered
Source
historical_nic
2. July 7, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank insolvency following cashier George A. Carey’s defalcation and falsified statements; directors' negligence revealed later in indictments and grand jury report.
Newspaper Excerpt
have closed their doors to business.
Source
newspapers
3. July 20, 1893 Receivership
Source
historical_nic
4. July 20, 1893 Receivership
Newspaper Excerpt
J. I. Mercer ... is appointed receiver of the Livingston National bank, Livingston, Mont., (Comptroller appointed J. I. Mercer)
Source
newspapers

Newspaper Articles (21)

Article from Deseret Evening News, July 8, 1893

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BRIEF TELEGRAMS. Three hundred and ninety thousand ounces of silver will go out in one steamer today. Patrick Riley & Co., a leather firm in Newark, N. J., assigned yesterday afternoon. The assets are about $142,875 and the liabilities $200,000. A receiver was appointed yesterday for the heavy iron firm of Corrigan, Ives & Co., agents of twenty-four of the largest iron mines in the Lake 8 uperior region. Comptroller Eckles is informed that the First National Bank of Hot Springs, S. D., and the Livingston National Bank of Livingston, Mont., have closed their doora to business. A judgment was entered yesterday in the supreme court in favor of the First National Bank of Chicago against ex-Governor Campbeil of Ohio in a suit brought on a promissory note for $5000. A rule was yesterday granted to show cause why a receiver should not be appointed for the Bomerset Bank of Somerville. It has deposits of is quarter of a million, capital stock of a hundred thousand and a surplus of fifteen thousand.


Article from St. Paul Daily Globe, July 8, 1893

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CRASH OF BANK Two Northwestern Institutions Close Their Doors. WASHINGTON, July 7.-Comptroller Eckels is informed that the First National Bank of Hot Springs, S. D., and the Livingston National Bank of Livingston, Mont., have closed their doors to business. Bank Examiner Diamond has been ordered to take charge of the Hot Springs bank, and Bank Examiner Flynn of the Livingston bank. RED CLIFF, Col., July 7.-The Eagle County bank has suspended payment. Its capital is $12,000, and its assets, which are estimated at $40,000, are considered worth 100 per cent. Liabilities, $38.000. The withdrawal of large sums on account of tne drop in silver was the cause. TRENTON, N.J., July ChancellorMeGill this morning grantedia rule to show cause why a receiver should not be appointed for the Somerset County bank, a state bank at Somerville. The bank's embarrassment is due to that of exCongressman Paddock, whose paper the bank carridd to the extent of b at $90,000. The capital stock of the institution is $100,000, surplus $16,000, and deposits about $25,000. DEDHAM, Mass., July 7.-0. E. Littleton, stock broker doing business in this place, has filed a petition in insolvency in the Norfolk registry at Dedham Center. No schedule of liabilities or assets was filed. NEW YORK, July 7.-A judgment was entered yesterday in the supreme court in favor of the First National bank of Chicago against ex-Gov. James E. Campbell on a promissory note for $5,000.


Article from New-York Tribune, July 8, 1893

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TROUBLES OF WESTERN BANKS. Omaha, Neb., July 7.-The American Savings Bank. which closed on Wednesday night. was put in charge of a special examiner by the State Banking Board yesterday. The bank is believed to be solvent. The National Bank of Ashland, an offshoot of the American Loan and Trust Company, also failed. It had a capital of $100,000. Minneapolis, Minn., July 7.-The Bank of NewEngland assigned yesterday to Judge John P. Rea. as the result of a suit brought by the Attorney-General on behalf of the State, alleging that the bank holds a balance of State funds now on deposit. aggregating $81,331 17. which it is unable to pay. The assets are placed at $280,000. Pueblo, Col., July 7.-There was no further run on the First National Bank to-day. Bank Examiner Adams has taken charge of the suspended banks here. and will push the examination of their affairs as rapidly as possible. Pine Bluif, Ark., July 7 (Special).-The Arkansas State Bank. of Stuttgart, and the Arkansas Farmers and Traders' Bank, of Dewitt. near this city, have closed their doors. Neither institution had large assets and depositors will not suffer to any considerable degree. Both banks were under the same management, and the recent failure of the Stutigart and Kansas River Railway, of which T. H. Leslie, the father of C. K. Leslie, the cashier of the banks, was president, precipitated the collapse. Red Cliff, Col., July 7.-The Eagle County Bank has suspended payment. Its capital is $12,000 and its assets, which are estimated at $40,000, are considered worth 100 per cent. The liabilities are $34, 000. The withdrawal of large sums on account of the drop in silver was the cause. Washington, July 7.-Controller Eckels is informed that the First National Bank of Hot Springs, S. D., and the Livingston National Bank of Livingston, Mont.. have closed their doors to business. Bank Examiner Diamond has been ordered to take charge of the Hot Springs bank. and Bank Examiner Flynn will take charge of the Livingston bank.


Article from The Seattle Post-Intelligencer, July 9, 1893

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CONDENSED DISPAICHEL The bank of La Sueur, Minn, fatled on JUNE with liabilities amounting to $215,000 and I the same. Comptroller Eckels has appointed Roberts Luke receiver of the failed Philipsburg Netto bank, of Montana Patrick Biley & Co., a Newark. N. L I firm. assigned on July 7, with $200,000 Habitas and $142,875 assets. A judgment has been secured by the First tional bank. of Chicago, against Ex-Gov.12 Campbe. 1, of Ohio, for $50,000. The striking coal miners in Kanoes have offered to return to work on a scale of a cease a ton for mine run coal. The operators have offered 54 cents. The Northern National bank, of Big Rapida Mich, closed its doors on July S. of the withdrawal of funds by depositers. his capital is $100,000. President C. W. Mosher, of the defunct Capital National bank. of Lincoln. Nob, has have sentenced to five years in the positentiary in embezzling over $200,000. Judge Hudson's decision declaring the South Carolina dispensary law unconstitutions amounts to nothing, the supreme court having previously decided the reverse. As the result of a quarrel with his wife and attempt to shoot her, E. W. Wilhem was kind by his son William at . place known as TO Mile, near The Dalles, Or., on July & Comptroller Eckeis has been informed that First National bank of Hot Springs, D. the Livingston National bank at Liviagehik Mont. have closed their doors to business All of the silver mining campe on the West river. in Idahe, are closed down except two three whose men are working on a aliding seain based on the price of eliver. The Somerset bank, of Somerville, N.1. has been ordered to show cause why a receiver should not be appointed for it. It has $200,000 deposits, $:00,000 capital stock and $15,000 sure plus. On complaint of a member of the firm. are ceiver has been appointed for the iron one firm of Corrigan, Ives & Co., of Cleveland, which in agent for twenty-four of the largest iron rainee in the Lake Superior region. The Citizens' bank. of Winnecoane, Win, a branch of the defunet Columbia National bank of Chicago, failed on July 7 and Cashier Vas wactor was arrested for receiving deposits alia he knew the bank to be insolvent. United States Marshal Pinkham. of Idaba captured n female smuggier named McDaggin at Bonner's Ferry, with sixty five-tael ca3e of opium, and expects it to lead to the unearthing of an extensive smuggling gang there. The executive committee of the California Midwinter fair project has organized, with M H. de Young as president and general manages J.G.Stump vice president, Alexander Bedha secretary and P. N. Littlenthal treasurer Harper's Weekly for next week will centers . full-page illustration of the celebration of class day at Hervard university, a page of bite illus trating Mr. Richard Harding Davis' article . "Cairo as a Show Place, in his series of article on the "Rulers of the Moditerranean." The number opens with a full-page drawing register senting the interior of the Indian building M the Chicago fair. Another of A. Conan Doyle's famous detective stories, known as the "As ventures of Sherlock Holmes," will also pear in this number. The Illustrations are w W.H.Hyde. There will be also a page of bright illustrations showing the life at Peekskill stell camp with the Seventh regiment, views of IN Great Ferris wheel at the Chicago fair. and it Lient. Peary's Arctic steamer Falcon: alsosite group of portraits of Capt. Anderson and his Viking crew. and the other usual timely feature of the Weekly


Article from Deseret Evening News, July 20, 1893

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Advised of the Sallare. WASHINGTON, July 20.-The comptroller was advised this morning of the failure of the First National bank of Harrisonville, Mo. J. I. Mercer, Helena, Mont., is appointed receiver of the Livingston National bank, Livingston, Mont.


Article from The Helena Independent, July 21, 1893

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J.I. Meroer, Receiver. WASHINGTON, July 20.-The comptroller of the currency has appointed J. 1. Mercer, of Helena, Mont., receiver of the Livingston National bank, of Livingston, Mont.


Article from Omaha Daily Bee, July 21, 1893

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Missouri Bank Closed. WASHINGTON, July 20.-The comptroller was advised this morning of the failure of the First National bank of Harrisonville, Mo. J. I. Mercer of Helena, Mont., has been appointed receiver of the Livingston National bank at Livingston. Mont.


Article from The Anaconda Standard, July 26, 1893

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CRACKING BACK. Young Carey Causes the Arrest of Liv. ingston Bank Omelale Special Dispatch to the Standard. LIVINGSTON. July 25.-Another denovement has been made with regard to the suspension of the Livingston National bank and the end is not yet. Yesterday, Frank L. Carey who is out on bail charged with falsifying the bank books, upon complaint of President J. A. Savage, went to Helena with the alleged avowed determination of having several of the bank directors arrested. This afternoon warrants were sworn out before Commissioner Poorman of Livingstou, upon complaint of E. C. Day. assistant United States district attorney, for the arrest of J. A. Savage, A. W. Miles and Alan Maconochie, directors. Messrs. Savage and Miles waived examination and gave $5,000 bonds each to await action of the United States grand jury. The complaint alleges a falsification of the last bank statement made to the comptroller on May 5. 1893, in that it purported to show that the bank had outstanding loans of $149,280 and that there was due from approved reserve agents 86,603. whereas there was only due $207: that the bank had on hand specie currency and legal tender notes of $11,680, whereas there was on hand only $5,670. The defense will probably set forth that the bank's books had been 80 finely falsified by the cashier and his assistants that the directors at the time of the last bank statement were unable to detect anything irregular.


Article from The Anaconda Standard, August 21, 1893

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Net indebtedness $126,734 88 IN PARK COUNTY. Livingston's Troubles Began With a Bank Cashier's Raseality Staff Correspondence of the Standard. LIVINGSTON, Aug. 18.-A serious finan. eial misfortune, not in any sense due to the effects of the general erisis, was suffered by Livingston some weeks ago through the defaleation of absconding Cashier George A. Carey of the Livingston National bank. by whose raseality the town suffered a loss of upwards of $100,000. The effect of this was widespread through the community, and was deeply depressing. Confidence in the other banks was not shaken by the occurrence, however, and it is believed that neither of the other two finanetal institutions would have suse pended except for the action taken by the directors of the Gallatin Valley National at Bozeman. The closing of that bank, which was looked upon as the strongest in the eastern part of the state, was a serious blow, and the adverse tide which at once set in could not be stemmed and the Merchants' National suspended. closely followed by the National Park. It is known that the latter will reopen by the 10th of September, and it is probable that the Merchants' will have its affairs adjusted so as to quickly follow. A considerable volume of business in Livingston has always been realized from [Continued on the Eighth Page].


Article from The Helena Independent, November 30, 1893

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LAX IN THEIR DUTIES. Directors of Three Suspended Banks Censured by the Federal Grand Jury. Batch of Indictments Against Officers of the Institutions Complained Of. Train Robber Charies Jones Indicted for Murder and Jimmy Moots as Accessory-Other Indictments. The grand jury of the United States court completed their labors yeste.day, and after handing in their report and a number of indictments Were finally discharged by Judge Knowles. The report. which was quite long, consisted almost entirely of condemnation of the methods of directors and officers of the suspended Merchants National bank of Great Fails, the Livingston National of Livingston. and the Stockg owers National of Miles City. Four more indistments were returned against Will Hanks, as president of the Mo: chants of Great Falls; others against Henry F. Bacheller, president, C.L. Merilll, assistant cashier, and C.R. Middleton, director. of the Stockgrowers; and Alan Maconachic, assistant eashier of the Livingston bank, for assisting George L. Carey. the missing cashier, in his transactions by which the bank was wrecked. They also indicted Charles Jones the train robber. for murder in the first degree while trying to avoid arrest, and Jimmy Moots as his accomplice in the murder. Several other indictments for minor offenses against United States laws were found. There were M number of cases investigated in which the grand jury did not find the evidence strong enough to warrant indictments. The report and the indictments made up a mass of nearly three hundred typewritten pages.


Article from The Weiser Signal, December 7, 1893

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BANK DIRECTORS CENSURED. Seathing Rebuke Administered by the United States Grand Jury. HELENA, Mont., Dec. 2.-The report of the United States grand jury and accompanying indictments made up a mass of nearly 300 typewritten pages. The report consisted almost entirely of condemnation of the methods of directors and officers of the suspended Merchants National bank of Great Falls, the Livingston National of Livingsten and the Stockgrowers National of Miles City. Four more indictments were returned against Will Hanks, as president of the Merchants of Great Falls; others against Henry F. Bachellor, president, C.L. Merril, assistant cashier and C. R. Middleton, director, of the Stockgrowers; and Alen Maconachie, assistant cashier of the Livingston bank, for assisting George L. Carey, the missing cashier, in his transactions by which the bank was wrecked. The report says: "Your grand jurors believe they would be derelict in the discharge of their duty to the court if they failed to visit severe censure upon the directors of these banks. "The grand jurors are of the opinion that the fact of being an officer or director of a national bank ought not S to give any man licence to swindle and e defraud his fellow men. The national S bank directors owe a duty to the United States, to the bank depositors and to d the business public. That duty is to y faithfully and honestly oversee and d manage the business of the bank of d which they are officers. It is our S opinion from the evidence which has r been presented to us that the oath is d regarded in the breaking rather than g in the observance. It seems to be nmade only to be grossly violated by the as directors of national banks," eIn conclusion the grand jury says on "We deem it our duty as sworn officers be of the law in this manner to call the e attention of this honorable court to the rconduct of the said directors and to re t. quest that this our public repriman ey and censure be sproad upon the rocardi it of this court." The grand jury also isindicted Charles Jones, train robber Cfor murder in the first degree while W trying to avoid arrest, and Jimmy Mobb at as his accomplice in the murder he Several other indictments for mino the offenses against United States law it, were found. ills


Article from The Weekly Tribune, December 8, 1893

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The Grand Jury's Report. The grand jury was then discharged finally after making their report. In the report they say: "Your grand jury believes that it would be derelict in the discharge of is duty to the court if it failed to visit severe censure upon the directors of the Livingston National bank. the Merchants National bank of Great Falls. and the Stock-Growers' National bank of Miles City. Each of these institu tions has been compelled to close its doors, suspend payments to depositors and cease doing business. Receivers have been appoir ted in each case by the comptroller of the currency owing to the unsatisfactory condition of the banks' resources. The consequence is that de. positors who in good faith have done business with these institutions and have left their money for safe-keeping in full confidence that it would be honestly returned to them with legal interest have been grossly deceived and wronged, their confidence abused, their earnings frittered away in reckless speculation by those in charge. and, in some instances, have, been deliberately swindled by the bank officials out of sums large enough to be considered comfortable fortunes The grand jurors are of the opinion that the fact of being an officer or director of a national bank ought not to give any man license to swindle and defraud his fellow-men. The unfortunate condition of the banks named above and consequent hardship and loss to innocent depositors, as well as prostration of the business community, are, in the opinion of your grand jurors, largely due to the gross and inexeusable neglect of duty and apparent indifference to their oaths as directors so flagrant and resulting in effects grave and injurious alike to in dividuals and the public that it should be distinctly declared to be a crime by the UnitedStates laws. National bank di rectors owe a duty to the United States. to bank depositors, and the business public, and that duty is to faithfully and bonestly oversee and manage the busi


Article from The Kootenai Herald, December 9, 1893

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BANK DIRECTORS CENSURED. Seathing Rebuke Administered by the United States Grand Jury, HELENA, Mont., Dec. 2 -The report of the United States grand jury and accompanying indictments made up a mass of nearly 300 typewritten pages. The report consisted almost entirely of condemnation of the methods of directors and officers of the suspended Merchants National bank of Great Falls, the Livingston National of Livingston and the Stockgrowers National of Miles City. Four more indictments were returned against Will Hanks, as president of the Merchants of Great Falls; others against Henry F. Bachellor, president, C. L. Merril, assistant cashier and C. R. Middleton, director, of the Stockgrowers; and Alen Maconachie, assistant cashier of the Livingston bank, for assisting George L. Carey, the missing cashier, in his transactions by which the bank was wrecked. The report says: "Your grand jurors believe they would be derelict in the discharge of their duty to the court if they failed to visit severe censure upon the directors of these banks. "The grand jurors are of the opinion that the fact of being an officer or director of a national bank ought not to give any man licence to swindle and defraud his fellow men. The national bank directors owe a duty to the United States, to the bank depositors and to the business public. That duty is to faithfully and honestly oversee and manage the business of the bank of which they are officers. It is our opinion from the evidence which has been presented to us that the oath is regarded in the breaking rather than in the observance. It seems to be made only to be grossly violated by the directors of natioual banks," In conclusion the grand jury says: "We deem it our duty as sworn officers of the law in this manner to call the attention of this honorable court to the conduct of the said directors and to request that this our public reprimand and censure be sproad upon the rocards of this court." The grand jury also indicted Charles Jones, train robber, for murder in the first degree while trying to avoid arrest, and Jimmy Mobbs as his accomplice in the murder. 1 Several other indictments for minor S offenses against United States laws t were found.


Article from The Anaconda Standard, January 25, 1894

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MUST ANTE UP $50,000. Comptrollar Eckels Calls Upon Stock. holders of the Livingston National Special Dispatch to the Standard LIVINGSTON, Jan. 24.-The stockholders of the defunet Livingston National bank have been notified by the comptroller of the currency that an assessment has been levied on them for $50,000, the amount of the bank's capital stock, and that unless there is paid to the receivers the amount of their respective shares on or before Feb. 17, 1894, suit will be commenced against them


Article from The Yellowstone Journal, January 26, 1894

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Must ate $50,000. LIVINGSTON. Jan. 25.-The stockhold ers of the defunct Livingston National bank have been notified by the comp troller of the currency that an assess ment has been levied on them for 850,000. the amount of the bank's capital stock. and that unless there is paid to the receiver the amount of their respective shares on or before February 17. 1894. suit will be commenced against them.


Article from The Helena Independent, April 28, 1894

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Appeals Filed. Transcripts on appeal have been filed with the clerk of the supreme court as follows: L. F. Lundeen, plaintiff and respondent, ve sus Livingston Electric Light company, defendant and appellant. Plaintiff was thrown from her horse by being caught by an electric light wire and badly injured. The district court awarded her $500 damages. The appeal is from an order overruling a new trial. John F. Mercer, receiver of the Livingston National bank. petitioner and aupellant, versus Harry W. Dyer, county treasurer of Park, respondent. The bank held a county warant which the treasurer refused to pay for lack of tunds. A writ of mandate was asked to compel the treasurer to say is, The writ was refused. Hence the appeal.


Article from The Anaconda Standard, January 25, 1895

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HORTON DENIES THE DEBT. A St. Paul Attorney Sued for Stock in a Livingston Bank. Special Dispatch to the Standard. Sr. PAUL, Jan. 24.-John T. Mercier. as receiver of the Livingston, Mont., Na. tional bank, has begun action in the United States circuit court in this city against Hon. Hiler H. Horton, a leading St. Paul attorney, to enforce payment on $500 worth of shares in the stock of that bank. Horton denies having subscribed for the stock.


Article from St. Paul Daily Globe, January 25, 1895

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# U. S. COURT BRIEFS. Judge Nelson, in the United States court, is hearing the sait of John T. Mercer, receiver for the Livingston National bank, of Livingston, Mont., to recover from Hiler H. Horton $500 alleged to be due on bank stock. The defense is that Horton did not subscribe for the stock. In the suit of Charles Heidecker to recover from the Northern Pacific Railroad company $15,000 damages for personal injuries alleged to have been sustained by falling from a swinging bridge between the ice house and a refrigerator car, the jury in the United States court yesterday returned a verdict in favor of the defendant.


Article from St. Paul Daily Globe, January 26, 1895

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# Horton Los es His Case. In the suit of J. F. Mercer, receiver for the Livingston National bank, of Livingston, Mont., to recover $500 on bank stock sold to Hiler H, Horton, the jury in the United States court yesterday returned a verdict for the plaintiff. This case completed the calendar of the circuit court, and the jury was discharged.


Article from The Anaconda Standard, June 6, 1895

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county jail provoked general discussion. The council thought the rate too high, but the sheriff, who was present, stated that it was the same rate that had always been paid, and that he would not board the prisoners for any less sum. The chief of police was then asked how it was that arrests had been so numerous. He replied by stating that it was because of the presence in the city of so many hoboes. Alderman Martin thought the officer should drive the tramps out of the city instead of throwing them in jail. The chief of police said that he knew of no law giving him power to chase tramps with a gun and compel them to leave town. One of the aldermen said hoboes were driven out of other towns, and he didn't see why it could not be done in Livingston. To this the chief replied: "This may be the policy pursued in Bozeman, where they have a vigilante outfit, but there is no warrant in law for it." Upon motion of Thompson, City Treasurer Garnier was instructed to make a demand upon the bondsmen of ex-Treasurer Woods for the sum of $756.50, the amount of his shortage, occasioned by the failure of the Livingston National bank, where a portion of the city funds were on deposit prior to the bank's suspension a year ago. The question of taking the initiative in the arrangements for a Fourth of July celebration in this city was discussed. As it was getting late, however, no steps were taken, and an adjournment was taken until Thursday evening, when a Fourth of July committee will be appointed to act in conjunction with a similar committee to be appointed at a citizens' meeting called for next Saturday.


Article from Daily Inter Mountain, August 18, 1900

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The depositors in the late lamented Livingston National bank may soon expect to be reimbursed to the extent of 40 per cent. of their deposits. J. A. Savage, the receiver, is preparing to close up the affairs of the concern and his final report will soon be made public.