The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1893-11-05

. o0s0
aa#s hetees for the business Of the community
~ which IL was situated that it open it,
doors again than the starting o.
any new industrial enterprises. THU
ths view he takes. ant
IN 81. Paul he won tho respect and graft
tuds both Of the stockholders n the de-
positors. q we'll as of the business public
generally, by the way in which he managed
the affairs OF the German-American. Talk
Ing further Of his dutiea and of the sus
pended Helena banks. he said:
.sThe comptroller OF the currency has
adopted q broad and generous policy to-
wards national banks which rave recently
suspended, which suspension was brought
about BY an unusual condition of affairs in
the county, the like Of which perhaps has
not been experienced in the past history OF
our financial institutions. While one hun
drsd and fifty.sevsn national banks sus-
pended between Jan. l and the latter
part of August, about ninety have resumed
business and others are working to that
end, and in every instance so far as l am
advised the banks which have opened have
done 30 through the announcement and
s~uppert Of tho public, particularly OF those
have long been associated with them
a. customers and friends. Their deposits
have increased upon tbs very day of OPEN
fnr and in all instances the result has been
most gratifying. The same results can be
reached in Helena If the proper encourage
ment and good will is extended. These
banks which have resumed were solvent in
situations and but for tho unnecessary and
~unfounded alarm OF the people who with
drew their deposits (caused by distrust)
the banks would not have found it neces-
sary to even temporarily. suspend.
1T is but fair 80 such institutions which
49, L..- hor.rkl- oon6rota6 and haya
rood assets moro than sufficient to meet all
liabilities that they should have q chance to
recuperate and thus save the people from
loss n delay in the adjustment of their
affairs. 10 that end plans have been
adopted by the suspended banks OF this
banks may be again restored to active bus
ipess and the interests of their depositors
protected. To accomplish this. however,
there must be q cooperation on tho part of
the depositors with the stockholders Of the
hank. While the managers may do every
thing in their power to bring about the res
torasion of business, they can only do SO
successfully when they have the aid of
those who are indebted to the bank for
money borrowed as we'll as dspositors to
whom the bRnk is indebted.
1.-THE interest of the depositors." he con-
tinued. lis the first consideration. and It
they will cooperate with the officers and
directors Of the banks named. a speedy re-
sumption can be effected. 1t is necessary
on the part Of the depositors that they
should promptly and without further delay
give their agreement for an extension of
time in which their claims may be paid.
II the banks do not succeed in getting the
necessary amount Of extensions they can
not resume business, but If the creditors
will respond TO the calls which have been
made, I see no reason why the two banks
may not be in business by the first OF the
coming year or perhaps soone: If the de-
positors and those who owe will do their
whole duty promptly and without delay.
If they fail to do this and a receiver should
be appointed for the First National as in
the case of the Montana, 1t will require
several years, from six to eight years |
should say. before the final closing OF
the rs0sive'ship; The The people would @a,
this long time before receiving
their final dividends. and in the meantime
the small dividends which would be paid
from time to time would be Of but little
value to the individual and less to the pub
lie at large. If the extension plan is ao-
ceptsd by the depositors. they will receive
their money from time to time in the ordi-
nary course of business as they may want
1t, and instead of waiting eight or ten years
before tho final payment, they would re-
ceive their full clRjm within one or two
years.
~ y Iva eASoo AAsOk
It seems to me there should be no delay but
a ready and prompt response to the request
TO extend the time. hese consideration
appeal to every depositor in his " inter-
est, but there are other reasons in addition
to the above, why the creditors of the two
banks should unite with the directors and
those who have charge of their affairs in
granting the time which has been asked.
1.-THE Good name of the city OF Helena,
the OF edit of the state of Montana, the bus
iness interests. all appeal to the depositor
to respond ut once to the request which the
managers have made. Every business in
forest of the city and state is involved in
reestablishinR the credit and prosperity of
tho financial institutions of this city.
1T IL but just to say that in the brief
time these institutions have been engaged
In securing extensions there has been a
generous response upon the part Of many
of the depositors. but so much more re-
mains to be done before these banka can be
permitted to resume. that too much cannot
DO said In suggesting to the creditors to
come forward and aid those who are max
ing earnest efforts for the restoration of
these financial institutions. If these banks
should fail to resume, the responsibility
must now rest upon those who have money
on deposit and upon those who are indebted
to the bank. but if these two classes will do
their duty and without further delay, we
may expect to see the frat National OF
AAOASAo tuASA " ~ w VA buo cAAIH-
liner in charge. and the Montana National
from its receiver. and be placed in the Lint
of solvent. active and prosperous banks.
"While the comptroller il DESTROYS O,
seeing the complete restoration OF these
banks for the interests of this great ciry
and state and for the northwest, hs viii
only sanction resumption when satisfied
that the banks present themselves before
the public in q sound and solvent condl-
zion and with such financial strength az
will command the respect and confidence
Of the public.
II can say that the receiver of the Mon.
tsna National and the examiners in charge
Of the First National of Helena, and the
directors Of both banks. have given thei,
best ensrgiea. thought Int time TO the ac-
cOmplishmsnt OF this great work; but they
must have the further united and promp,
assistance Of the depositors if these banks
are soon to resume business and take thei,
place among the strong and prosperou
bnnkina houses of his city and state.
While there 10 a serious depression in a
numeef OF the important industries and
inssrests III this part OF the country, and
while edorts are being used to bring about
. restoration ana . better condition OF