First National Bank (Three Forks, MT)

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BANK TO OPEN SOON

Reports from Three Forks, together with a statement issued by President J. E. Barnes of, the First National Bank, assures the opening of that institution within the next 30 days. Mr. Barnes stated that the calling of a large loan unexpectedly which the bank had carried since reopening in 1921, had reduced the reserve of the bank to such an extent the officers of the bank decided to suspend until arrangements might be made to resume business. The assets of the bank are in fine shape and the condition of the bank is most satisfactory.

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THE OLD FIRST NATIONAL BANK OF THREE FORKS PASSES OUT OF EXISTANCE BUT IS SUPERSEEDED BY A STRONG FINANCIAL INSTITUTION NOW ENJOYING 10 TIMES REQUIRED RESERVE.

A. E. Barnes, the President of the Bank, is a Railroad Locomotive Engineer, and Today is Out on His Regular Run—Probably Only Bank President in U. S. Who is Holding Down a Regular Run.

Three Forks can pride itself by being the first town in the state to open a Labor National Bank, which grew out of the First National Bank at that place that had been operated for the past 15 years, until the stress of the deflation period begun to tightn. The bank closed its doors in January 1921. It was at this time that organized labor stepped forward and took the lead in the re-opening of the bank that has since been conducted under management principally designated by Union Labor, A. E. Barnes being elected president. Notwithstanding the bank after being successfully operated for 22 months earned 24 per cent on the business transacted for the year 1922. The bank was closed in January, but the closing of the bank at this time was a voluntary act on the part of the directors. The principal reason was the betrayal on the part of some of Montana's leading financiers in calling a large loan that had only a day or two previously been agreed to let stand. It was at this point that the railroad men got together to take some real concerted action and build up a real bank. The first move was to send Mr. Barnes and Mr. Lefever to Cleveland and confer with Mr. Stone, president of the B. of L. Engineers National Bank, with a view of securing their assistance in the building up of a strong financial institution. The cards were all laid on the table, face up, with the result that the Cleveland bank subscribed by selling $50,000 worth of stock for cash that would take care of the real estate (Continued on Last Page)