The tribune. [volume] (Great Falls, Mont.) 1890-1890, 1890-03-15

Butte Merchants Object to- Mr.. Hersf,
field.

BUTTE, March 12.-There has been
some delay in the opening of the new
bank in Butte which has been expected
by the public under the name of tie Sec.
ond National bank. The project origin.
ally was set on foot by Leonard Lewisohn
the Boston capitalist who is 50 deeply In
terested in the Boston & Montana mining
company. Mr.. Lewiston bought, the
Inter Mountain says, the property at the
corner of Utah and Granite streets with
the intention of building a large building
and starting a bank. He interested his
Boston & Montana friends in the project,
and to give the bank a local character
offered 81 per cent of the stock to Butte
parties who might choose to invest.
Quite u number Of Butte's prominent cit
liens subscribed stock in considerable
amounts and quickly took up the 25 per
cent. The necessary papers were secured
and everything was favorable for the i'm
mediate opening of the bank, under the
capable supervision of Mr.. W. w. Nc
Cracker, formerly of the First National
bank of this city. The arrangements had
gone so far as to include the renting of
temporary headquarters for the bank un
til such q time az the Lewisohn building
should be ready for occupancy.
HERsHFIELD's PROPOSAL.
AT this point an unexpected delay was
caused. MI. L. H. Hershfeld, president
of the Merchants National bank of Hell
ena, has long had his eye on this city as a
point favorable for the establishment of a
banking institution. He has a branch
bank at Great Falls (BentonP) and Is
DESTROYS of getting a foothold in Butte
also. Hearing of the project to establish
a second national bank in Butte, Mr..
Hershtield went to New York and had an
interview with Leonard lewiston, in
which he made him a proposition to goin
with himself in the Great Falls banking
institution, and1et Mr.. Hershtield in on
the new Butte bank. As the Boston &
Montana is beginning to build its large
smelter at Great Falls and will loon have
extensive financial interests in that place.
Mr.. Lewiston looked favorably on the
proposition and finally concluded to ac-
cept it. When this intention was commu-
nicated to the Butte subscribers for stock
the rub came.
GOING 1T ALONE.
The Butte people did not want the
Merchants National of Helena IN the
new bank, aud determined to withdraw
their subscriptions unless the arrange
ment was put on its original basis. All
the papers necessary to the starting Of
the bank being already in the city, the
Butte projectors determined to start the
Silver Bow National bank on their own
account. All of them doubled their
original subscriptions and some did ever
better than that. 1t was soon found that
all the money necessary could be raised
in Butte and the new plan was then com
municated to Mr.. Lewiston and an op-
p~ortunity extended him to come in if he
wanted to. Such is the present state Of
the deal and affairs are waiting an an
swer from Mr.. Lewisohn on the last
proposition submitted. 1t IS believed that
he will accept it and go in with the Butte
parties to the exclusion of Mr.. Hershfield,
II is understood that Mr.. Hershfeld has
stated that if excluded from the project,
he would start an Independent bank in
this city.