Empire Bank & Trust Company (Lewiston, MT)

Episode Information

Episode UID
4229462891490
Episode Type
Run → Suspension → Closure
Bank Type
trust
Bank ID
422946289 hash
Start Date
February 2, 1924
Location
Lewiston, Montana (46.464, -111.986)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
3fab2d955b61e75e

Response Measures

None

Events (2)
1. February 2, 1924 Run
Cause
Correspondent
Cause Details
Delay of a shipment of currency from the Federal Reserve/reserve bank at Helena depleted cash on hand and sparked rumors and heavy withdrawals.
Measures
Paid several checks in silver; attempted to obtain cash; bank opened as usual Saturday morning but ran out of cash.
Newspaper Excerpt
Unexpectedly a run developed ... $20,000 dispatched by the Federal Reserve bank in Helena ... had not arrived ... with the result that sufficient cash was not available to meet demands.
Source
newspapers
2. February 2, 1924 Suspension
Cause
Correspondent
Cause Details
Closure/suspension followed a heavy run triggered by delay in currency shipment from Helena, leaving insufficient cash to meet demands.
Newspaper Excerpt
The Empire bank at Lewistown ... closed its doors Saturday morning.
Source
newspapers

Newspaper Articles (6)
1. February 5, 1924 The Butte Daily Post Butte, MT
Article from The Butte Daily Post, February 5, 1924

Click image to open full size in new tab

Article Text

MONTANA A News Review of the State SORORITY GRANTED NATIONAL CHARTER BOZEMAN.—The Zeta Kappa women's fraternity of Montana State college has been granted a national charter and will be installed as Delta Gamma chapter of Alpha Gamma Delta. The Zeta Kappas were organized five years ago as a local and its members have taken an active part in all phases of women's activities. Alpha Gamma Delta fraternity was organized at Syracuse university in 1904. It now has 30 chapters. LIVINGSTON JAIL IS TENANTLESS 30 DAYS LIVINGSTON.—"There hasn't been a soul in the city jail for more than a month," declared O. T. Ragland, police judge. In December there was but one arrest and that man, who was accused of disobeying a minor city ordinance, forfeited his bond. It is the first time in four years, at least, that Livingston's jail has been empty more than 30 consecutive days, according to Mr. Ragland. ACCUSED BANKER SPENDS THE NIGHT IN JAIL CELL HELENA.—George W. Casteel, president of the Banking Corporation of Montana when it failed, pleaded not guilty to violation of the state banking laws, when arraigned Monday. A similar plea was entered by C. A. Tweed, former cashier of the bank, with whom Casteel was brought back from California Sunday night. Tweed managed to obtain bail immediately on arrival here, but Casteel was compelled to spend the night in jail. He said he did not know whether he would be able to obtain bonds. "That," he added, "depends on my friends." UNIDENTIFIED BODY IS FOUND IN COULEE SIDNEY.—Mystery surrounds the identity and manner of death of an unidentified man whose body was found by Tom Rice in a coulee about four miles from Sioux pass, near here. Though the body was badly mutilated by exposure and by animals, Sheriff O'Brien and Coroner Combs, who visited the scene after the find was reported by Mr. Rice, say that there are means of learning the general appearance of the deceased. They say the body had lain in the open for about a month. Authorities are working on the theory that the victim had lain down during a snow storm and had frozen to death. OIL RIG IS DESTROYED BY OVERHEATED STOVE HARLOWTON.—The Big Elk Oil rig southwest of here burned to the ground, the crew having just finished the night shift, and being at the bunk house at breakfast when the fire was discovered. The bunk house is situated about 150 yards from the rig and it could not have been more than 15 minutes after the departure of the crew, according to E. S. Churchwell, manager of the company, when the derrick house was discovered enveloped in flames. The origin of the blaze is thought to have been from an over-heated stove. The fire quickly spread to the huge 72-foot derrick, the supporting timbers of which were soon eaten through by the flames, and the superstructure toppled with a crash. CASH SHIPMENT DELAY CLOSED FERGUS BANK LEWISTOWN.—Delay of 24 hours at Great Falls in a shipment of currency dispatched from the reserve bank at Helena to the Empire bank at Lewistown forced the Fergus institution to close Saturday, officials of the bank announced. Arrangements had been made to meet the usual heavy payroll disbursement on Feb. 1, with a consignment of $200,000 in bank notes from the Helena bank. Depletion of the cash reserve necessitated payment of several checks in silver, caused rumors which resulted in a heavy run and the subsequent closing, officials stated. Officials stated Sunday night that the finances of the bank were sound and that plans were being made for a speedy settlement. BOY CAUGHT IN SPREADER CYLINDER SERIOUSLY HURT GREAT FALLS.—Carl Sanders, aged 7, is at the Deaconess hospital, suffering from severe injuries sustained Saturday when he was caught in the cylinder of a manure spreader driven by his father, John Sanders, a farmer near Belt. The boy was seriously cut and bruised about the head and body, but no bones were broken. He is expected to recover. According to the account of the accident received at the hospital, the father was unaware of the son's presence about the machine until after the lad had been entangled in the cylinder. When the machine was started the father noticed that the cylinder was not working properly, but he thought it was obstructed by a piece of ice. Continued efforts to make the machine work were without result and Mr. Sanders stopped the team and went back to examine the cylinder. He found the boy caught in the spikes of the cylinder, badly injured. TAX PAYMENT HALTED BY BANK FAILURE IN COURT FORSYTH.—A suit to enjoin Rosebud county from selling land belonging to the J. E. Choisser estate for delinquent taxes has presented a real problem of law. Mrs. Choisser, as executrix of the estate, had paid the taxes Nov. 30, and had also paid several other taxes on other lands on the same day. The taxes were divided into four payments, all being paid by checks on the Bank of Commerce. Three of the checks passed through the bank and were cleared, but the check on which suit was brought was deposited in the bank Dec. 11, two days prior to the closing of that institution. The check was written for the amount of $281.87. At the time the check was deposited by County Treasurer G. G. Davis, the Bank of Commerce had a trustee fund and checks were held in trust until Dec. 13, when the bank became insolvent and closed and the check was returned to the county treasurer.

2. February 6, 1924 The Daily Inter Lake Kalispell, MT
Article from The Daily Inter Lake, February 6, 1924

Click image to open full size in new tab

Article Text

DELAYED CASH CAUSE OF A BANK FAILURE (By Associated Press) Lewistown, Feb. 6.—Delay of 24 hours at Great Falls in a shipment of currency dispatched from the reserve bank at Helena to the Empire bank at Lewistown forced the Fergus institution to close Saturday morning, officials of the bank announced Sunday. Arrangements had been made to meet the usual heavy payroll disbursement on February 1 with a consignment of $20,000 in bank notes from the Helena bank. Depletion of the cash reserve necessitated payment of several checks in silver, caused rumors which resulted in a heavy run and the subsequent closing, officials stated. Officials stated Sunday night that the finances of the bank were sound and that plans were being made for a speedy settlement.

3. February 8, 1924 The Producers News Plentywood, MT
Article from The Producers News, February 8, 1924

Click image to open full size in new tab

Article Text

CASH MISSES TRAIN BANK'S DOORS CLOSE The Empire bank at Lewistown, this state, the last remaining bank in the county seat of Fergus county, a city with a population of about 6,00 closed its doors Saturday morning, according to a repart received by L. Q. Skelton, state superintendent of banks. This bank which has footings of approximately $1,000,000, opened as usual Saturday morning. Unexpectedly a run developed, it was reported, and it was stated that $20,000 dispached by the Federal Reserve bank in Helena last Thursday noon had not arrived at 11 o'clock Saturday, with the result that sufficient cash was not available to meet demands. Request at the Lewistown postoffice Saturday morning, it was stated, found only $200 which could be placed at the disposal of the Federal Reserve, although a few hundred dollars was advanced a day or two previously. An effort is under way to enable the bank to reopen Monday, Helena bankers said.

4. February 14, 1924 Forsyth Times-Journal Forsyth, MT
Article from Forsyth Times-Journal, February 14, 1924

Click image to open full size in new tab

Article Text

Western Brevities from the Many Western States Fresno, Cal.,—Two unmasked men held up the First State bank of Clovis, eleven miles from here, locked Cashier Thomas Howlson in the vault and escaped with a sum estimated at $25,000. Mackay, Idaho,—A. W. Peterson, prospector, reports a strike on Birch creek which is creating no little excitement. Big veins of coal are reported to lay in sandstone, slate, fireclay and oil shale formation. The coal has been tested in laboratories, which report good commercial qualities. Ashton, Idaho,—The American Dog Derby, to be run here February 22, has taken on an international aspect with the entry of a team from Canada. A competitor from Alaska also is anticipated. Aberdeen, S. D.—Plans for financing the wool pool of South Dakota and Montana by an advance of approximately $2,000,000 from the federal intermediate credit bank were completed at the conference of cooperative wool men who concluded their meeting here this week. Wessington Springs, S. D., — The Farmers' Savings bank here with deposits of $505,000, closed its doors Wednesday due to a heavy run. Sacramento, Cal.,—In the presence of a large number of police detectives and deputy sheriffs detailed to quell any demonstration in the courtroom. Tom Connors, secretary of the general defense committee of the Industrial Workers of the World at San Francisco was sentenced in superior court to serve from one to five years at San Quentin penitentiary. Ogden, — The Utah Construction company announced here it had obtained two railroad contracts, one for work on the Natron cutoff in Oregon for the Southern Pacific company and another in Nevada for the Western Pacific company. Boise,—The Southern Idaho Light & Powers Users' association served notice that it would intervene before the public utilities commission in the fixing of rates of the Idaho Power company. The document designating that such action will be taken was filed with the commission here. San Francisco,—Dudley Field Malone former collector of the port of New York, has canceled four engagements to speak here, because of the death of former President Wilson, he announced. After a business trip to Los Angeles, however, he will return to San Francisco, and during the week of February 8 will make several speeches in the bay district. Seattle, Wash.,—Three men held up two messengers of the Collins & Normile Cigar company and robbed them of $12,000 which they were taking to a bank. The robbers escaped in an automobile. Helena, Mont., — The Empire bank of Lewiston, Mont., the last remaining bank in a city of 6000 population, closed its doors Saturday, according to report to the state examiner's office. Los Angeles,—Los Angeles recently welcomed the first representative of the pope to visit the city in twenty-one years. Monsignor Peter Rumasoni-Bionda, apostolic delegate to the United States, arrived here recently with his secretary to assist in reopening the Cathedral of St. Vibiana, built forty-eight years ago, but lately remodeled. Bishops from all over the West will attend the ceremonies. Elko, Nev., — Elko is experiencing an epidemic of measles, seventeen cases having broken out. Dr. John Worden, county health officer, predicts that the disease will run its course within the next six weeks. Not only children of grammar school age, but students at the high school have been affected by the disease. Salt Lake, Utah,—The Union Pacific system has closed a contract with two car manufacturing companies for the construction of 500 new 12,500 gallon tank cars, costing approximately $1,250,000 according to information received here from H. M. Adams, vice president of the Union Pacific. The cars will have a capacity of 100,000 pounds. Ogden, Utah,—There are 250,000 additional acres of land in Utah which might be economically irrigated from the Green river of its tributaries, according to data compiled by Ralf R. Woolley, hydraulic engineer of the United States geological survey. Utah land now supplied with water from the Green river system totals 291,100 acres, Mr. Woolley said. Helena, Mont.—Traffic officials estimate that tourists spent approximately $3,600,000 in Montana in 1923. This is due to nearly all the tourists between the Atlantic and Pacific coast points during the summer season traversing the state to find passes over the Rocky mountains. Los Angeles,—The offer of Volney Craig to sell his ranch in the San Fernando valley, north of here, to the government has been accepted according to a telegram from Washington made public by Mr. Craig.

5. February 15, 1924 Park City Pioneer Park City, MT
Article from Park City Pioneer, February 15, 1924

Click image to open full size in new tab

Article Text

Western Brevities from the Many Western States Fresno, Cal.,—Two unmasked men held up the First State bank of Clovis, eleven miles from here, locked Cashier Thomas Howlson in the vault and escaped with a sum estimated at $25,000. Mackay, Idaho,—A. W. Peterson, prospector, reports a strike on Birch creek which is creating no little excitement. Big veins of coal are reported to lay in sandstone, slate, fireclay and oil shale formation. The coal has been tested in laboratories, which report good commercial qualities. Ashton, Idaho,—The American Dog Derby, to be run here February 22, has taken on an international aspect with the entry of a team from Canada. A competitor from Alaska also is anticipated. Aberdeen, S. D.—Plans for financing the wool pool of South Dakota and Montana by an advance of approximately $2,000,000 from the federal intermediate credit bank were completed at the conference of cooperative wool men who concluded their meeting here this week. Wessington Springs, S. D., — The Farmers' Savings bank here with deposits of $505,000, closed its doors Wednesday due to a heavy run. Sacramento, Cal.,—In the presence of a large number of police detectives and deputy sheriffs detailed to quell any demonstration in the courtroom. Tom Connors, secretary of the general defense committee of the Industrial Workers of the World at San Francisco was sentenced in superior court to serve from one to five years at San Quentin penitentiary. Ogden, — The Utah Construction company announced here it had obtained two railroad contracts, one for work on the Natron cutoff in Oregon for the Southern Pacific company and another in Nevada for the Western Pacific company. Boise,—The Southern Idaho Light & Powers Users' association served notice that it would intervene before the public utilities commission in the fixing of rates of the Idaho Power company. The document designating that such action will be taken was filed with the commission here. San Francisco,—Dudley Field Malone former collector of the port of New York, has canceled four engagements to speak here, because of the death of former President Wilson, he announced. After a business trip to Los Angeles, however, he will return to San Francisco, and during the week of February 8 will make several speeches in the bay district. Seattle, Wash.,—Three men held up two messengers of the Collins & Normile Cigar company and robbed them of $12,000 which they were taking to a bank. The robbers escaped in an automobile. Helena, Mont., — The Empire bank of Lewiston, Mont., the last remaining bank in a city of 6000 population, closed its doors Saturday, according to report to the state examiner's office. Los Angeles,—Los Angeles recently welcomed the first representative of the pope to visit the city in twenty-one years. Monsignor Peter Rumasoni-Bionda, apostolic delegate to the United States, arrived here recently with his secretary to assist in reopening the Cathedral of St. Vibiana, built forty-eight years ago, but lately remodeled. Bishops from all over the West will attend the ceremonies. Elko, Nev., — Elko is experiencing an epidemic of measles, seventeen cases having broken out. Dr. John Worden, county health officer, predicts that the disease will run its course within the next six weeks. Not only children of grammar school age, but students at the high school have been affected by the disease. Salt Lake, Utah,—The Union Pacific system has closed a contract with two car manufacturing companies for the construction of 500 new 12,500 gallon tank cars, costing approximately $1,250,000 according to information received here from H. M. Adams, vice president of the Union Pacific. The cars will have a capacity of 100,000 pounds. Ogden, Utah,—There are 250,000 additional acres of land in Utah which might be economically irrigated from the Green river of its tributaries, according to data compiled by Ralf R. Woolley, hydraulic engineer of the United States geological survey. Utah land now supplied with water from the Green river system totals 291,100 acres, Mr. Woolley said. Helena, Mont.—Traffic officials estimate that tourists spent approximately $3,600,000 in Montana in 1923. This is due to nearly all the tourists between the Atlantic and Pacific coast points during the summer season traversing the state to find passes over the Rocky mountains. Los Angeles,—The offer of Volney Craig to sell his ranch in the San Fernando valley, north of here, to the government has been accepted according to a telegram from Washington make public by Mr. Craig.

6. February 7, 1930 Lewistown Daily News Lewistown, MT
Article from Lewistown Daily News, February 7, 1930

Click image to open full size in new tab

Article Text

THE END OF THE CHAPTER. Tomorrow morning at 9 o'clock, the Northwestern Bank and Trust company will open for business in the quarters long occupied by the Central Bank and Trust company, which institution the new organization has taken over in a transaction which means as much to the present well-being and future progress of this community as any consummated in many years. As the Central Bank and Trust company past. fades out of the picture a brief review of its history, or rather of the activities of the men who have been identified in an official capacity with it may not be out of order. The old Empire Bank and Trust company closed its doors in February, 1924, this action being compelled by conditions which we are all relieved to forget. The officers and larger stockholders of that institution, however, felt it was their solemn obligation to do two things: To pay the depositors every cent of money they had in the bank, and to, as quickly as possible, provide grievously needed banking facilities to the community which had been deprived of such facilities by the closing of its only institutions. After much difficulty, the new bank was organized and opened and in the course of time, the 100 per cent deposit liability of the old bank was liquidated. In opening the new bank, several hundred thousand dollars worth of paper was taken over as assets of the Central. At that time and under the conditions then obtaining, it was properly thought that these assets were good. As time went on, many of the notes SO taken over froze up." That is to say, continued depression in our agricultural industry and the lingering difficulties created by the disaster to our stock industry four years earlier, made worthless many of these assets. The Central bank struggled along under a load which was becoming more onerous each year. A large sum of money had been borrowed from the Agricultural Credit association on real estate and other assets together with a guarantee signed by six men interested in both the old and new banks and one who had been director in the defunct institution. In December of last year, these men and the widow of another who had passed away, paid to the Agricultural Credit corporation the sum of $88,000, the amount of their guarantee with accrued interest. Even with this obligation lifted from the back of the bank the situation continued unsatisfactory to the point of desperation. Earnest efforts were made to effect a deal whereby the closing of the bank might be avoided. Only the few concerned with such efforts will ever know of the anxiety which they entailed. Then came a steady withdrawal of funds until it became obvious to the officers that it was useless longer to continue the hopeless battle. The bank was voluntarily suspended, the second time that the men chiefly interested in it had passed through this most unhappy experience. As in the former case, the first concern of these men, chief among whom stands President Samuel Phillips, was the welfare of the depositors. Negotiations were immediately opened up with the Northwest Bancorporation of Minneapolis, one of the great banking institutions of the country. Mr. R. M. Macgregor, vice-president and managing officer of that corporation. came to Lewistown and, from the very beginning, evinced a most sympathetic and helpful attitude. The officials of the state's banking department were on the ground and rendered the finest sort of service throughout. An agreement was entered into with Mr. Macgregor for the taking over of the bank and the payment of all deposit and borrowed money liabilities. In order to make this agreement effective, it was necessary to remove from the bank certain real estate and bond items to the "value of $33,000. A number of citizens volunteered to ask the depositors to put up 20 per cent of their balances toward "raising this fund. Here the depositors came forward in a most amazing manner. The job was done in less than a week and constituted as fine a piece of large scale co-operaition ever witnessed in any community. The stockholders voluntarily put up their 100 per cent stock assessments, the depositors turned in their checks and so was made possible *an action tomorrow morning which we all have every reason to believe will forever end the banking difficulties of this community. In speaking of the spirit of co-operation, we must not forget that exhibited by what will be a rival institution of the new bank, the National Bank of Lewistown. They extended a large amount of credit to stockholders and otherwise assisted in every possible manner in bringing the movement to a speedy and successful conclusion. The new bank opens under the most favorable of auspices. The new president, Mr. M. Burks, has long been a resident MONTANA'S MOST PROGRESSIVE AND CENTRAL of Montana and stands among the most successful bankers MONTANA'S ONLY DAILY NEWSPAPER in the state. He will head an institution which is absolutely clean and is backed by the resources and banking experience of corporation with nearly half a billion dollars in reCOMPANY sources. There will never again be even that shadow of fear among depositors, while the banking needs of our comTHE HARRY E. LAY TOM STOUT munity will be met to the largest possible degree. In the Manager President opinion of this newspaper, the event marks a turning point in the history and progress of Central Monotana. All present signs point to a period of sane expansion in this comEDITORIAL VIEWS AND REVIEWS munity, with better business and broadened opportunities for all of us who have our homes and our business establishments here. We shall see, during the present year, several new and beautiful buildings erected. It will be but a matter of time before the actual construction of new railroad facilities will be in progress. New industries will be developed as those already in existence will expand. We shall live through many bright and hopeful days which shall the more quickly cause us to forget a few of the dismal ones of the WEATHER Feb. temperatures the and minimum during the hours ended lowing o'clock elties tonight. reported by the United States weather bureau here, Max. Min. Prec. WEATHER CONDITIONS. A pressure distribution Pacific consisting slope and of off the north low relatively high area over the upper Rockies and platean has caused slightcooler weather over the Rockies and plateau sections and warmer weather along the coast and over the plains states. Precipitation occurred in parts western Montana. The temMontana showed fall over peratures of around 6 degrees as compared with those of Wednesday the range being from 34 at Havre up to 42 at Helena. MONTANA WEATHER. Friday and Saturday fair: little change in temperature. 22 LEWISTOWN 40 Havre Helena Kalispell Boise Angeles Omaha Portland St. Paul Salt Lake Seattle Spokane Williston Park 42 Yellowstone