The herald., 1897-02-06
MOEIANhS OLDEST BANK COMMERCIAL CONDITIONS
Posts Notice Announcing Its As Reported by Professional
Suspension Observers
THE CASHIER WAS CROOKED NO GREAT IMPROVEMENT
And Other Officials Are Believed to Be But Better Times BE the
Implicated
Is the
Concern Equal tho
connden
Posts a Notice Announcing Its
Suspension
THE CASHIER WAS CROOKED
And Other Officials Are Believed to Be
implicated
It Is Announced That the Assets Of the
Concern Equal tho
Liabilities

Associated Press Special Wire
GREAT FALLS. Mont, Feb. 5.-The
NORTHWESTERN National bank, one of the
Oldest institutions in the state, posted
a notice announcing it's suspension this
morning. The board of director and
officers charge that the trouble is due to
a defalcation on the part of the cashier.
Benton d. Hatcher, of S1S0000.
The comptroller of the currency has
wired Louis c. Phelps to take temporary
charge Of the bank. pending the arrival
of the examiner. The assets of the in
stitution are given out by the directors
as $3.50, coo; liabilities of about equal
amount.
Cashier Hatcher is lying Frustrated at
his home here. All day long he refused
charges made by the board of directors
are of a sensational character. 1t is be-
leved. however, that in the wrecking Of
the bank more than Cashier Hatcher are
implicated. On Dec. 18th last the Conrad
brothers, who organized the bank in the
early SOS, offered their stock. amount
ing to S1S0,000, for sale, as they were re-
firing from active business. The entire
holding was purchased by Cashier
Hatcher, who informed the directors that
he had friends in Boston who wanted to
purchase the stock. Mr.. Hatcher went
east in December, and on his return
informed the directors that he had sold
the stock to his friends. The CORES
pondent of the Northwestern in the
east is the Globe National bank of Bos-
ton. Cashier Hatcher. it is alleged. be-
ing unable to dispose of the stock as he
had agreed to do, drew from the Globe
National bank the amount of the pur-
chase of the stock, s1SO.O00. This was
over a month ago, and no suspicion of
where the money came from was enter
tanned until just before a mortgage for
reorganization was received. Jan. 18th.
Investigation was put on foot. but no
knowledge of it was possessed by the
officers or directors here until the arrival
of President James y. Coram from Bos-
ton last night. He at once, called 4
meeting OF the directors and for the
first time it was known that the Globe
National bank did not have on deposit
the amount reported by the Northwest
ern books here, $3.50 900.
The directors decided to suspend and
this morning wired the comptroller to
that effect.
Cashier Hatcher charges that he drew
the money from the Globe National at
the direction OF President COram, who
had, with other friends, agreed to take
up the stock sold by the Conrads and re-
imburse the draft from the Globe Ma
tional He also says that President Co.
ram called at his house this morning and
assuered him that he had perfect con-
fidence in his honesty.
The last statement given out. Decem-
Der II, last showed, total assets, 81, 1,01S.-
$50; liabilities. deposits, S59s, 166; other
liabilities S419,654
One of the sensational features of the
case is told by Vice President Kleptoke,
who says that on Saturday last Mr..
Hatcher sent message to the Globe Ma
tional asking that institution to advise
the bank here that it had more money
on deposit than it really had. On re-
receipt of that telegram Mr. German
started at once for Great Falls he
bank is owned by the Boston and Mon
tana and the Butte and Boston people.
AN OHIO BANK
WASHINGTON, Feb 5.-The comp
troller of the currency has received a
telegram announcing the suspension Of
the First National Bank Franklin o.
At the date of the last report the bank
owed depositors $4,000. had a surplus
of $4,000, and assets, including bonds,
$150000.
A SHORT CASHIER
BETHLEHEM. Pa, Feb 5.-Cashier
c. e. BREEDER, OF the First National bank,
has absconded. Experts have found a
shortage of nearly $4,000.