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CITIZENS' STATE BANK ROUNDUP CLOSES DOORS Malicious statements made regarding the Citizens' State Bank of Roundup, caused it to suspend Thursday of last week, when a run was made on the institution. A statement in a local paper said that the bank was solvent but could not withstand the sudden and unusual call for cash. It is said that the officers have a plan by which the bank will be able to open within a few days. The bank is capitalized at $50,000 and has a surplus of $50,000.
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URGE BANK BE GIVEN A CHANCE TO REOPEN MINERS UNION REQUESTS ACTION ON BONDS BE WITHHELD FOR REASONABLE TIME. Believing that it will be to the best interests of the entire community to give the officials and stockholders of the Citizens State Bank every opportunity to carry out plans for the reopening of the bank, the No. Three local of the United Mine Workers of America at the regular meeting held Monday night adopted resolutions requesting county and city officials to defer action against the sureties on bonds given to secure the deposits of public funds for a reasonable length of time. The resolutions, signed by Ed. Davis as president, and Earl Simpson as secretary, read as follows: "Whereas, a considerable number of the members of this local and a large number of the residents of this community are general depositors of the Citizens State Bank of Roundup, which suspended payment on February 8th, 1923, and are interested in seeing said bank pay its depositors in full; and "Whereas, the County of Musselshell and the City of Roundup had on deposit in said bank certain public moneys which are secured by bonds executed by the stockholders of said bank, and the stockholders would be greatly handicapped in their efforts to reopen the bank if the County or the City should start suit immediately upon the above named bonds; and "Whereas, if said bank goes into the hands of a receiver there is likely to be a sacrifice of assets due to forced liquidation which would result in a loss to the general depositors of the bank, and it is therefore to the interest of the depositors and the community in general that the bank be reopened and continued as a going concern"
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QUICK OPENING SEEMS LIKELY Citizens State Bank at Roundup Is on Its Way. Roundup, March 13.—There has been a complete valuation of assets of the Citizens State bank by a committee of depositors composed of W. M. Ogle, H. E. Marshall, A. Shaw, George Graves and Chris Jensvold and the report has been submitted to the state banking department at Helena. It is understood that of the $600,000 in loans less than $100,000 is regarded as so poor as to justify charging off and that of this discredited paper the committee estimates a collection of between 15 and 20 per cent. Members of the committee are personally acquainted with practically every borrower and intimately familiar with conditions in the county, so that there seems little doubt that the report will be accepted by the banking department and the way will thus be opened for the completion of plans looking to the quick reopening of the bank. At an informal meeting of stockholders plans to this end were discussed and it was said the unanimous sentiment of all present or represented by proxy that money should be raised sufficient to equal the capital and surplus, $100,000, and each stockholder declared his eagerness to contribute his share or at least to the extent of his ability. The raising of this money, it was conceded, would necessitate the securing of loans and in order that depositors might be fully protected it was decided that all money obtained in this manner shall be paid into the state banking department as trustee of the fund for the reopening of the bank. The department has consented to act as trustee for this purpose and will aid in every way possible the movement for protection of depositors.
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Schwartz Well To Drill Deeper A deal is now being closed whereby the Schwartz well in the SE¼ NW¼ of section 22-15-25, on the McDonald creek structure is to be completed to the Madison lime. This well was drilled to the Ellis sand a few weeks ago without finding production and was temporarily shut down. The depth to the bottom of the Ellis in the location is 1720 feet. The Ellis sand was found to be perfectly dry, according to the official log of the well. The Kootenai sands yielded heavy flows of water, but the Ellis being perfectly dry, leads to the belief that the lower sands will be found free from water and will likely produce oil. It is estimated that an added depth of 500 feet will explore all the quadrant sands. The water will be shut off with 8-inch casing, leaving a hole of ample size to reach the Madison lime. The well thus far has been drilled by the Schwartz exploration company, composed of practically all Lewistown men. It is to be completed by eastern capital on an acreage basis, it is understood. Wm. Thomas who has had charge of the drilling will also be in charge under the new arrangement. The equipment is of the standard variety and it will require only a day or two before actual drilling can be resumed. John O'Neil, who is associated with his brother, Tip, in the oil business, arrived in the city Monday to look after the O'Neil interests in Cat Creek. BANK CONDITIONS IMPROVING. J. R. Slayton, recent state senator from Musselshell county and one of the first county commissioners of Fergus county, was in Winnett the fore part of the week enroute to Lewistown. Mr. Slayton is one of the heaviest stockholders in the Citizens State Bank at Roundup which closed its doors about a month ago due to a run on its deposits caused by false reports that was circulated against the bank. Mr. Slayton announced that the Citizens State Bank will reopen May 15th with increased capital the directors and stockholders taking any loss that occurred due to the run. The bank will be reopened as a bigger and stronger institution and with no loss registered against its depositors. The Ringling State Bank is also arranging to reopen, the depositors taking time certificates of from one to three years to assist in the reopening process. Several of the other closed banks in the state are also planning on reopening this summer, the stockholders taking any loss that was caused by the suspension of business and doing so with the feeling that Montana is coming back and that in the course of time they will be able to make up their losses and a neat profit besides.
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REPORT GOOD PROGRESS IN EFFORTS TO REOPEN BANK Officials of the Citizens State Bank, which closed February 8, report excellent progress being made in their endeavor to refinance the bank so that it may reopen its doors. Stockholders of the bank are bending every effort to raise the money required, and a majority of them have already announced that they have their quota ready to turn over. A meeting of all the stockholders has been called for next Tuesday, at which time it is probable definite announcement of the reopening of the bank will be made. L. Q. Skelton, state superintendent of banks, will be at the meeting to assist in the reorganization. Rev. E. H. Johnson of Billings will conduct services at the Congregational church Sunday morning at eleven o'clock. There will be special music by the choir. The next number of the Ellison-White Lyceum will be given at the Orpheum Theatre, Thursday, April 5, when the Hinshaw Concert Quartet will present "Cox and Box," a charming operetta.
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Run Forces Roundup Bank to Shut Doors; Resumption Assured Special to the Tribune. Roundup, Aug. 11. — The Roundup National bank failed to open its doors Thursday morning. A notice posted and signed by directors of the institution, informed the public of a run that promised serious proportions the day before, following rumors which were termed "false propaganda" in the notice. It is currently rumored, however, that the officers and directors of the bank will take advantage of the law which permits closed banks to reopen within 48 hours, and open for business on Monday morning. Because of the service which this bank has rendered during the last few months, following the closing of other banks in the county, the depositors and citizens are expressing their willingness to assist in every way that this institution might be opened immediately. The Citizens State bank of Roundup which closed last February, is rapidly getting in position to reopen, according to general information. The stockholders have raised the necessary funds on their accounts and the required quota of depositors have signed for reopening. While no formal statement has been given as to the date this is possible, it is believed the bank will be opened within the 30 days following.
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Musselshell County Fails To Prosecute Bondsmen That the $25,000 surety bond given Musselshell county by the now defunct Citizens' State Bank of Roundup, to protect county deposits has become invalid because the county has permitted its rights thereunder to lapse, was brought out at a special meeting of the board of commissioners at Roundup to discuss a plan, submitted by the bank, for the gradual withdrawal of county funds in the event the institution resumes business Under the terms of the surety bond, the county was required to file a claim within 90 days after default and was given six months within which to file suit in the event settlement was not made sooner. Neither of the steps it is understood, were taken by the county, and as a result, it is pointed out, the county faces a loss in the full amount of the bond unless the bank reopens. The six months within which suit should have been instituted expired August 8. The bond was turned over to the county attorney, it is stated, to protect the county's interest, but up to this time no suit has been brought against the bonding company. EASTERN CATTLE BUYERS AT WORK IN MONTANA Eastern cattle buyers have been busy in Judith Basin county and will ship about 10 cars of calves, yearlings and twos and threes to Nebraska for feeding. The cattle were picked up in small bunches from farmers. The price paid ranged from $18 for calves to $55 for three-year-olds on board cars at Stanford. It is understood that a large number of buyers are in the state purchasing cattle for feeding purposes. The bankers of the Omaha district are said to be instigators of bringing Montana cattle to the corn belt of Nebraska and Missouri. A bumper corn crop is about to be harvested there. PARK MAKES GREAT RECORD FOR VISITORS On September 1, 20 days before the closing of Yellowstone park for the 1923 season, 125,850 visitors had entered the wonderland. Last year a record of 98,233 was made, while five years ago the total was but 21,275. Up to August 15, 25,242 had reg-
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That the $25,000 surety bond given Musselshell county by the now defunct Citizens' State Bank of Roundup, to protect county deposits has become invalid because the county has permitted its rights thereunder to lapse, was brought out at a special meeting of the board of commissioners at Roundup to discuss a plan, submitted by the bank, for the gradual withdrawal of county funds in the event the institution resumes business Under the terms of the surety bond, the county was required to file a claim within 90 days after default and was given six months within which to file suit in the event settlement was not made sooner. Neither of the steps it is understood, were taken by the county, and as a result, it is pointed out, the county faces a loss in the full amount of the bond unless the bank reopens. The six months within which suit should have been instituted expired August 8. The bond was turned over to the county attorney, it is stated, to protect the county's interest, but up to this time no suit has been brought against the bonding company. A similar bond given to secure part of the funds in the defunct Musselshell State bank is declared to be invalid for the same reason.
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COUNTY RENEWS CITIZENS BONDS MEETING OF STOCKHOLDERS OF BANK HAS BEEN CALLED FOR SATURDAY. That Musselshell county will approve the renewal of existing bonds of the Citizens State Bank covering county deposits in that institution providing the county shall have the right to withdraw, during a period of three years, all deposits not covered by surety bonds or other approved securities, and that the question of how much shall be withdrawn during the three years be left to the county treasurer after the bank reopens for business, is the gist of a motion made by Commissioner Dave Comstock and carried at a meeting of the county board last Saturday afternoon. Commissioner Jarrett voted against the motion. John Oliver, deputy examiner in charge of the bank, appeared before the board with a proposal limiting withdrawals to $10,000 a year for three years, and $8,000 per year thereafter until the total amount had been paid. He submitted a letter from one of the bonding companies in which it was stated that they would be willing to renew its bond. He also stated that it was very likely that the other company would also renew its bond. The total of the surety bonds in $25,000. A meeting of the stockholders of the Citizens bank has been called for tomorrow at which time the reopening of the bank will be further considered. Altho no definite date can be set for the resumption of business, it is believed that the time will not be very long, as most of the difficulties that have beset the reorganization of the institution have been overcome.
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BANK RECEIVER TO PAY $22,000 Patrons of Citizens State at Roundup Receiving Second Dividend, Making Total of 12 Per Cent Special to The Tribune representing the second dividend by the reiver the Citizens State bank of Roundup for delivery to all the holding receiver's according to made Receiver The dividend per cent all proved the bank and means that total $22,000 will paid to claimants within (Legal Advertising) few days. Claimants receiver's present NOTICE TIME their certificates and sign receipt, PROVING after which they will receive their divi- WILL, ETC. dend checks. Probate Department. In the Eighth This the second dividend to be paid Judicial Monby the Citizens bank. which closed its tana. and for the County of CasFebruary 1923 The first dividend February. 1925. the Matter of the Estate of Emma and per making of said Court, total thus 12 per made on the 26th be the 1926, hereby given that Thursbank retains its and day, the 9th December. 1926, other large of good securities, the Court said the City Falls. County Cascade, has