The Anaconda standard. [volume] (Anaconda, Mont.) 1889-1970, 1893-07-28
.HELENA'S HARD TRIAL
Her Financial Institutions Subjected 10
q Severe Strain.
CONFIDENCE Is RESTORED
The Doors of Two Banks Close.
Eut the Others Are Able to
Meet All Demands
Assignments.
Special Dispatch to tho STANDARD.

the First National bank aud the Montana
National bank failed to open their doors
tbs morning. Al the clearing house !
meeting yesterday afternoon the situa-
tion was bad enough to cause anxiety IN |
all banking quarters. Subsequent meet
inGs were held by the directors of the
First National and the Montana National |
and il was decided To close both banks
this morning. Their currency had been |
drained to the lowest cbb and IL was found T.
impossible to gather NOR. in time tn meet |
the demands of depositors, winch II was |
known would be made to-day. Tho news |
quickly spread around the city last even
ing, though no official statements wcrs
made, and the result was gloom aud de-
i"ctlon aud feeling of uncertainty as to
the future.
During the evening hours. assignments
were made by &. W. Cannon, the largest
owner OF real estate in this city, and A. Nj.
Hotter, the well known merchant and
capitalist. Tho liabilities of Mr.. Cannon
footed up AZ S2;6.3jl. with assets cs,i-
mated at Sl.sD.mo. Mr.. lIoltcrs liabil-
i,ics were siN6.21j with assets estimated at
Si.2UJ,OJo. Both assignments were made
for the purpose of fairness and for proiec-
tion 10 both creditors and debtors.
with small groups of people discussing
the situation, aud the air was filed with
sensclcss rumors, which added tn the eN-
ciicment. IL was rumorcl that several
houses were in trouble, but no assigu-
menis were made. although the Offices of
the clerk aud recorder and the clerk OF
th. district court were kept open until "A
late hour for the filing of papers.
This morning NJ tn street from Broad
way to Grand, where tho leading banks
are located. was packed with people. On
the doors of the First National bank was
the following notice:
We are compelled to suspend business under
the siriBgcncy nf the money market and from
heavy drafts an deposit, without being able u
make a CORES ponding reduction Of our loans.
tmr assets ate ample. but We cannot command
the currency 10 continue payments. ~ order
OF the board Oi directors,
y W. KNIGHT, Cashier
On the Montana National bank, the fol-
lowing notice was posted
The Montana National hank. under the s,rin.
gency OF the money marke, AMI owing 10 the
neavy drafts IN deposits and the inability %
make corresponding reduction Ia outstanding
loans. Is compelled To- suspend business. The
banks assets are amply sufficient 10 pay all liza.
bities, hut Il Is impossible to command the nee
essary funds Ia continue payment at present.
ky order OF the board of directors.
A. l.. SMITH, Cashier.
As this result was expected. the crowd
surecd over toward the corner of the Mer-
chants bank and, a. the hour Of 10 o'clock
approached, gazed expectantly at tho
front door for Developments. Ii was a
crowd of sightseers rather than of depos-
itors, and when, promptly on time, the
doors were thrown open, yell of APP
| nj al rfa aH from, and of ha Inn
to the other and was reechoed. A small
run of dcpositors followed. but tho
amount passed out was more than Offset
by the deposits. Many business men
started out in the interests of the banks
| aud gathered money which was placed To
| their credit. Others talked with the more
| excited deposiiors, and at noon the run
| had stopped and business in the bank was
| running under normal conditions. Al
that hour the deposits received during the
day exceeded the Withdrawals by several
hundred dollars.
Confidence seemed fully restored when
Col W. T.. Hart. manager of the Bi-Meial-
lie mine al plIilirshurg, arrived with 49,.
90. which lac Deposited. "" had heard
that the bank was in trouble and had
brought the money over on special
train.
| Al 3oclnck, when the bank closed. the
situation was SO good that Presrlcnl
Hershiicid and o'hcr officers were recciN'
ing Congratulations from all quarters
There wcr" no runs III the other banks
nor are mere any reasons Tonight Tor he
licylng that the situation VIII grow worse
The Montana Savings bank gave notice
to-day that tue =" days clause would be n
force ana u Is UNDERSTOOD that the russ
Savings bank mas SopJ'"p IN money ia ~
vaults. Drspii" strenuous demands, Prcst
dent Cruise would not loosen up this
money FOR the benefit of the other banks
ASSIGNMENTS to-day w.r, filed by :. q
as,,bv aud the p,yn,er Uru, ,n,,,,,,.
No statements arc given. Mr.. Ashby i'm
mcdisiely resigned his Office of pres.
| l.n, - Ia. Ialau. E.,L