gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
518805936b49f042
Response Measures
None
Description
Withdrawals by striking coal miners precipitated the run and closing; subsequent exam found the bank insolvent and a receiver was appointed.
Events (3)
1.March 31, 1922Run
Cause
Local Shock
Cause Details
Large withdrawals by striking coal miners and failure of large depositors to maintain accounts depleted cash.
Measures
Previously had reopened after issuing certificates of deposit last year; no successful measures prevented this run.
Newspaper Excerpt
This bank was closed March 31 after striking coal miners had withdrawn virtually all of their deposits.
Source
newspapers
2.March 31, 1922Suspension
Cause
Local Shock
Cause Details
Immediate cause of suspension was mass withdrawals by striking miners and maturing certificates of deposit that management would not extend.
Newspaper Excerpt
STATE BANK AT STOCKETT AGAIN CLOSES DOOR ... The bank did not open Saturday and the state bank examiner was notified of the closing Sunday evening.
Source
newspapers
3.May 9, 1922Receivership
Newspaper Excerpt
Gael G. Wilson of Helena ... was Monday appointed receiver of the State Bank of Stockett by Judge J. B. Leslie. This bank was closed March 31 after striking coal miners had withdrawn virtually all of their deposits.
Source
newspapers
Newspaper Articles (16)
1.April 6, 1922Belt Valley TimesBelt, Armington, MT
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Article Text
STATE BANK AT STOCKETT AGAIN CLOSES DOOR Withdrawal of cash by striking coal miners, the failure of large depositors to maintain their accounts and the maturing of deposit certificates issued after its closing last year, all combined last Saturday to make continued operation of the State Bank at Stockett impossible, and announcement of its closing was made Monday. The bank did not open Saturday and the state bank examiner was notified of the closing Sunday evening. The stock of the bank is owned by H. J. Skinner, formerly of Great Falls, and L. C. McCoy of this city. The bank is capitalized at $20,000, and had deposits of $180,000 and resources of $200,000. Included in the deposits are $1,500 in Cascade county funds, secured by $1,800 in Liberty bonds held by the county treasurer. The bank was temporarily closed last year and reopened when the depositors accepted certificates of deposit maturing in one year. Failure to extend the maturity date longer was a cause contributing to the second closing, it was stated by officials of the bank. The bank has no connections with the State Bank of Belt, Mr. Skinner having diposed of his interests in the local institution some time ago to L. B. Lockhart, who now heads the institution.
2.April 15, 1922Great Falls TribuneGreat Falls, MT
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County Deposits Earn $25,000 in Interest Yearly Interest on daily balances of county funds in 15 banks of the county during the period beginning January 1 and ending March 31 reached a total of $6,365.21, according to County Treasurer Fred C. Andretta. Computed on the basis of this quarterly figure, the interest for the entire year will amount to approximately $25,000. The banks pay 21/2 per cent on county deposits. County Treasurer Andretta said he had $1,600 in Liberty bonds as security for the $1,500 on deposit in the State Bank of Stockett, which recently closed its doors. He expects to hold the bonds in the bank until after a receiver is appointed, when they will be sold
3.April 20, 1922Belt Valley TimesBelt, Armington, MT
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Article Text
COUNTY DEPOSITS EARN $25,000 INTEREST YEARLY Interest on daily balances of county funds in 15 banks of the county during the period beginning January 1 and ending March 31, reached a total of $6,365.21 according to County Treasurer Fred C. Andretta. Computed on the basis of this quarterly figure the interest for the entire year will amount to approximately $25,000. The banks pay 2 1/2 per cent on county deposits. County Treasurer Andretta said he had $1,600 in Liberty bonds as secur. ity for the $1,500 on deposit in the State Bank of Stockett, which recently closed its doors. He expects to hold the bonds in the bank until a receiver is appointed, when they will be sold.
4.May 9, 1922Great Falls TribuneGreat Falls, MT
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Article Text
WILSON NAMED STOCKETT STATE BANK RECEIVER Former Deputy Attorney General Has Had Experience, Says Skelton. On the recommendation of 1. Skelton, superintendent of banks. Gael G. Wilson of Helena. formerly an assistant attorney general, was Monday appointed receiver of the State Bank of Stockett by Judge J. B. Leslie. This bank was closed March 31 after striking coal miners had withdrawn virtually all of their deposits. The appointment was made following the filing of a complaint for receivership by Attorney General Wellington D. Rankin. Mr. Wilson will assume the duties of the receivership upon the filing of a bond in the sum of $25,000. The court in the order of appointment. instructed the receiver that he must file a complete and itemized report of his administration every two months. Is Partioularly Fitted Mr. Wilson, according to a letter addressed to the court from Mr. Skelton, has had considerable experience in handling accounts and is particularly fitted for the position of receiver. The state banking department took charge of the bank on May 4 although a previous examination of its condition at the time of closing, revealed that it was insolvent. A report of the bank's condition, at the close of business, prepared by H. E. Stewart, deputy superintendent of banks, was filed in conection with the suit for receivership. Losses Total $44,137 The bank has resources of $172,933.64. Included in the liabilities are $24,095.75 in individual deposits, $14,276.64 in savings deposits, and $112,172.25 in time certificates of deposit. The report classifies $26,806.94 as good loans, $71,656 as doubtful loans and $20,810.41 as loans that cannot be realized upon. Total losses, according to the report, amount to $44,137.41. Cascade county has $1,500 on deposit and this amount is secured by $1,600 in Liberty bonds, which are expected to be turned over to County Treasurer Fred C. Andretta as soon as the receiver assumes his duties.
5.May 21, 1922Great Falls TribuneGreat Falls, MT
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Article Text
$250 a Month Salary Ordered for Receiver of Stockett Bank The salary of Gael G. Wilson, receiver of the State Bank of Stockett, was fixed Saturday at $250 a month in an order signed by Judge J. B. Leslie, in whose department of district court the complaint for receivership was filed, May 9. The salary is to be paid from the assets of the bank. Wilson, who formerly was an assistant in the office of the attorney general, was appointed receiver by Judge Leslie immediately following the filing of the receivership suit. He began his administration as receiver several days ago. The Stockett bank closed March 31 as the result of withdrawal of deposits by miners on strike.
6.May 25, 1922Belt Valley TimesBelt, Armington, MT
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Article Text
STOCKETT BANK RECEIVER'S SALARY SET AT $250 The salary of Gael G. Wilson, receiver of the State Bank of Stockett, was fixed Saturday at $250 a month in an order signed by Judge J. B. Leslie, in whose department of district court the complaint for receivership was filed. May 9. The salary is to be paid from the assets of the bank. The Stockett bank closed March 31, as the result of the withdrawal of deposits by miners on strike. Mr. Wilson assumed his duties several weeks ago.
7.June 6, 1922Great Falls TribuneGreat Falls, MT
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Article Text
Creditors of Stockett Bank Must Present Claims by Sept. 15 Creditors of the State Bank of Stockett, which closed last March. must file their claims with the receiver before September 15 if they wish to have them approved. according to an order signed Monday by Judge J. B. Leslie. Claims presented after that date will not be allowed. The court signed the order on the petition of Gael G. Wilson, receiver of the bank.
8.June 22, 1922Belt Valley TimesBelt, Armington, MT
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Article Text
STOCKETT BANK CREDITORS MUST MAKE CLAIM Creditors of the State Bank of Stockett, which closed last March, must file their claims with the receiver before September 15 if they wish to have them approved, according to an order signed Monday morning by Judge J. B. Leslie. Claims presented after that date will not be allowed. The court signed the order on the petition of Gael G. Wilson, receiver of the bank.
9.June 30, 1922Great Falls TribuneGreat Falls, MT
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NOTICE TO DEPOSITORS, CREDITORS OF, AND CLAIMANTS AGAINST THE STATE BANK OF STOCKETT. Notice is hereby given by the undersigned Gael G. Wilson. as Receiver of the State Bank of Stockett, Montana, to depositors and creditors and persons having claims of any kind against the State Bank of Stockett, Stockett, Montana, to present their claims with the necessary vouchers to the undersigned as receiver of the said State Bank of Stockett at the Bank Building at Stockett, Montana, which said Receiver designates as the place for the transaction of the business of said State Bank of Stockett and of undersigned as Receiver, and that all claims of whatever kind, including those for deposits, must be presented to said Receiver on or before the 15th day of September, 1922, and no claim not presented within said time will be considered. Dated, June 8, 1922. GAEL G. WILSON. As Receiver of the State Bank of Stockett.
10.November 11, 1922Great Falls TribuneGreat Falls, MT
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Wilson Gets Power to Lease Property of Morton Coal Firm Gael G. Wilson, receiver of the State Bank of Stockett, was Friday empowered by District Judge J. B. Leslie to lease property of the Morton Coal company to be re-opened and worked. The Stockett bank is one of the bond holders in the coal company's property. Plans are to lease the property to M. E. Howe, W. F. DuBois and W. D. Fawcette, all of Great Falls, according to the petition filed by Receiver Wilson.
11.March 4, 1924The Independent-RecordHelena, MT
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tana has enabled biological survey experts to experiment with long distance shipments to determine whether the buffalo meat will stand transporting to eastern markets. There are now about 4,500 head of buffalo in the United States and about 11,500 elsewhere in North America. Experts say their perpetuation is assured, with an ample supply for exhibition and breeding purposes and a surplus each year for marketing.
Los Angeles, March 3.—Harry J. Skinner, former owner of the State bank of Belt, Mont., and of the State bank at Stockett, Montana, was arrested by deputy sheriffs here late today; on advices from Great Falls, Mont., where Skinner is said to be under indictment in connection with the failure of both institutions.
Both Skinner and L. B. Lockhart, who bought the Belt bank from Skinner and who was arrested here last night, have declared their intention to waive extradition.
Officers said that the arrest of Skinner ends the search for seven Montana bankers, under indictment in that state, who have been taken into custody here within the past two months.
12.June 26, 1928The Great Falls LeaderGreat Falls, MT
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BANK ASSETS NET $500 AT AUCTION SALE
Court Confirmation Is Still to Be Secured After Hammer Falls
The auction hammer fell and the remaining assets of the State bank of Stockett went to A. H. Gray for $500. At one time the assets had book value of $40,000. The bank suspended in 1922. The sale is subject to confirmation of the court.
13.June 26, 1928Great Falls TribuneGreat Falls, MT
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STOCKETT BANK ASSETS SELL FOR $500 AT PUBLIC AUCTION
Property With Former Book Value of $40,000 Brings Small Sum Under Hammer; Offer Is Subject to Court Confirmation
All remaining assets of the State bank of Stockett with the exception of bonds of the Mackton Coal combany, were sold at public auction Monday afternoon by H. G. Lescher, receiver of the institution. to A. H. Gray for $500. according to announcement of Paul Freeman of the legal firm of Freeman, Thelen & Freeman The assets disposed of formerly had a book value of about $40,000. The Stockett bank suspended in 1922. following an examination by L. Q. Skelton, former state bank examiner. with assets estimated at The liabilities include savings deposits in the sum of $14,276, time certificates of deposit in the amount of 8112 172 and other deposits of about $25,000. Since the institution was placed in the hands of receiver. one 10 percent dividend has been paid. Sale of the remaining assets and termination of the were authorIzed recently by District Judge W. H Meigs after the receiver had filed petition in which he declared that was for the best interests of creditors that the receivership be closed. The sale the assets was conducted at the Miners State bank at Sand Coule The assets were first offered for sale individually. the only bids being 85 each bid, for the deposit of the Commercial bank in the sum of $2,380 and the State bank of Belt deposit in the sum of $1,400; $10 for $350 promissory note of J. W. Jones. 810 for 8450 note issued by John Toftus and 85 for an adding machine William Epperson was bidder for the Toftus note. J. W. Roberts for the Jones note and L. Vonetti for the bank deposits. Following the offer of the assets individually, the property was auctioned in bulk and struck off for $500 to Mr. Gray. The sale is subject to confirmation by the court. Among the assets listed by the bank were bank deposits in the sum of about $8,000, judgments with face value of nearly $10,000 and promissory notes with an aggregate value of more than $30,000 TwentyCorns, Callouses eight of the notes offered for sale had face value of more than $1,000 each.
14.June 27, 1928The Independent-RecordHelena, MT
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Assets of Stockett Bank Sell for $500
Great Falls. June 26.-All remaining assets of the State bank of Stockett. with the exception of bonds of the Mackton Coal company, were sold at public auction Monday afternoon by H. G. Lescher. receiver of the institution. to A. H. Gray for $500. according to announcement of Paul Freeman of the legal firm of Freeman. Thelan & Freeman. The assets disposed of formerly had a book value of about The Stockett bank suspended In 1922. following an examination by L Q kelton. former state bank examiner. with assets estimated at $175,519. The liabilities include savings deposits in the sum of $14,376. time certificates of deposit in the amount of $112.173 and other deposits of about $25,000.
15.June 27, 1928The Independent-RecordHelena, MT
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Assets of Stockett Bank Sell for $500
Great Falls, June 26.-All remaining assets of the State bank of Stockett, with the exception of bonds of the Mackton Coal company, were sold at public auction Monday afternoon by H. G. Lescher, receiver of the institution, to A. H. Gray for $500, according to announcement of Paul Freeman of the legal firm of Freeman, Thelan & Freeman. The assets disposed of formerly had a book value of about $40,000. The Stockett bank suspended in 1922, following an examination by L. Q. kelton. former state bank examiner, with assets estimated at $175,519. The liabilities include savings deposits in the sum of $14,276. time certificates of deposit in the amount of $112,172 and other deposits of about $25,000.
16.July 20, 1928Great Falls TribuneGreat Falls, MT
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Sale Is Confirmed of Stockett Bank Assets to Gray
Sale of all remaining assets of the State Bank of Stockett. which suspended operations several years ago. to A. H. Gray for $1,000 was confirmed Thursday in an order filed in district court by Judge W. H Meigs. assets of the institution were tentatively sold to Mr. Gray on June 25 at sale held by H. G. Lescher as receiver. The Stockett bank suspended operations in 1922 following an examination by L. Q. Skelton, former state bank examiner, with assets estimated at $175,519. The liabilities included saving deposits in the sum of $14,276. time certificates amounting to $112,172 and other deposits valued at about $25,000. Among the assets disposed of by the sale were promissory notes with purported value of more than $30,000. judgments in the amount of $10.000 and bank deposits with face value of about $8,000. Few of the notes and judgments are, however. secured.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
