USA > Wyoming > History of Wyoming, Volume I > Part 46
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The War of 1812 followed immediately after the expiration of the bank's charter and the Government was placed in financial straits through want of an accredited fiscal agent. The Second Bank of the United States was therefore chartered soon after the close of the war and began business in January, 1817, under a charter for twenty years. The capital stock of this bank was fixed at $35,000,000, of which the Government held twenty per cent. At the expiration of the charter, President Andrew Jackson vetoed the bill renewing it and in 1840 the bank went into liquidation.
In the meantime a number of banks had been chartered by State Legislatures, with the consent of Congress. After the affairs of the Bank of the United States were wound up, the number of state and private banks increased all over the country. This was the era of the so-called "Wild Cat" banks. Speculation ran rife during the ten years following the liquidation of the Bank of the United States and there were in circulation over five dollars in bank notes for each dol- lar of specie held for their redemption. About 1853 the reaction set in and during the next four years there were 5,123 bank failures in the United States.
The present national banking law was enacted as a war measure and was approved by President Abraham Lincoln on June 3, 1864, though a number of amendments have since been added to the original bill. These national banks
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are the only ones with authority to issue notes that can be used as currency, though in every state there are banks of discount and deposit that operate under the laws of the state.
WYOMING BANKS
Article X of the Constitution of Wyoming gives the Legislature authority to provide for banking institutions by general law. By the act of March 9, 1888, more than two years before the admission of the state, the Territorial Legislature enacted a law providing for the organization, incorporation and management of banks. This law, with some modifications, constitutes the present banking laws of Wyoming. Under its provisions five or more persons may incorporate a bank, setting forth in their articles, the names of the stockholders, the amount of capital stock, the place where the bank is to be located, etc. It also provides certain restrictions under which the bank must be conducted, such as making reports of its condition when called on, prohibiting the loaning of more than ten per cent of the capital stock to any one person, firm or'corporation, etc. In case of viola- tion of any of the features of the banking laws, the attorney-general is authorized to institute proceedings in the proper district court for the dissolution of the recreant bank. The law also provides for the organization of savings banks and associations, loan and trust companies, and defines their powers and duties. Most of the banks of the state have been incorporated under the state laws, though in all the larger cities and towns the national banks are well represented.
In the fall of 1867 H. J. Rogers & Company opened a bank in Cheyenne, which was the first institution of the kind in what is now the State of Wyoming. The bank was at first located in the store of Cornforth Brothers, but was soon moved into a building at the corner of Seventeenth and Eddy streets. Looking through the files of the Cheyenne Leader for October, 1867, one finds the adver- tisements of this bank, with the statement that it bought and sold land warrants, quartermasters' vouchers, Government, territorial, city and county bonds, and issued sight drafts on New York, Philadelphia, Chicago, St. Louis and Missouri River towns.
Before the close of the year 1867, the firm of J. A. Ware & Company, com- posed of J. A. Ware of Nebraska City, John W. Hugus and Posey S. Wilson of Omaha, opened a bank in Cheyenne. Mr. Hugus was afterward actively inter- ested in banking operations at Rawlins. Kountze Brothers & Company, of Omaha, opened a branch of their bank in Cheyenne late in the year 1807.
On March 7, 1871, the First National Bank of Cheyenne was chartered with A. R. Converse as president ; Posey S. Wilson, cashier; A. R. Converse, George F. Price, Thomas Duncan, J. W. Iliff and S. F. Nuckolls, directors. The capital stock was fixed at $100,000, of which $70,000 was paid up before the bank opened its doors for business. This is the oldest national bank in the state.
At the time Wyoming was admitted into the Union in 1890, there were eleven national banks in the state, to wit: First National of Cheyenne, organized in 1871; Laramie (now First) National of Laramie, 1873 ; First National of Evan- ston, 1874; Stock Growers National of Cheyenne, 1881; First National of Buffalo, 1883; First National of Rawlins, 1883; First National of Lander, 1884; Vol. 1-27
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Albany National of Laramie, 1886; First National of Douglas, 1886; First National of Rock Springs, 1888; First National of Sheridan, 1890.
In addition to these eleven national banks there were four state and private banks and the total bank deposits of the territory amounted to $3,159,586. At the beginning of the year 1918, there were five cities-Casper, Cheyenne, Laramie, Rock Springs and Sheridan-each of which reported larger bank deposits than the entire territory on January 1, 1890, while Basin, Douglas, Evanston, Lander, Rawlins and Thermopolis were not far behind. This great increase in the bank deposits is a good index to the wonderful industrial development of the state.
PIONEER BANKERS
In the early history of banking in Wyoming, the business was carried on chiefly by individuals who designated themselves as bankers, a few of whom have already been mentioned. Others were Morton E. Post and Thomas A. Kent, of Cheyenne; Edward Ivinson, of Laramie ; John W. Hugus, of Rawlins ; Hugus & Chatterton, of Fort Steele; Hunter & Morris, of Green River; James France, of Rawlins; Timothy Kinney, of Rock Springs; North & Stone and A. C. Beck- with, of Evanston; E. Amoretti, of Lander; Richards & Callander, of Lusk; Richards & Cunningham, of Casper ; Frank Brothers, of Sundance ; Meyer Frank, of Newcastle; E. A. Whitney, of Sheridan ; and H. R. Paul, of Douglas. Some of these men are still actively connected with the banking interests of the state.
BANKS IN 1918
Following is a list of the Wyoming banks as given in the Bankers' Directory for January, 1918, with the year in which each was organized, the amount of capital stock and deposits, and the president and cashier. For the convenience of the reader these have been arranged by towns in alphabetical order :
Afton-The Afton State Bank was organized in 1907, with a capital stock of $25,000. Deposits, $220,640. W. V. Allen, president ; D. D. Lynch, cashier.
Arvada-Bank of Arvada, incorporated under the state laws in 1916, with a paid up capital of $10,000. Deposits, $35,000. M. H. Shields, president ; W. V. Kirby, cashier.
Baggs-First State Bank, organized in 1908 with a capital stock of $10,000. Deposits, $68,000; J. M. Rumsey, president ; L. B. Maupin, cashier.
Basin-The City of Basin has three banks. The Bighorn County Bank was organized in 1898, with a capital stock of $40,000. Deposits, January 1, 1918, were $335,000; D. L. Darr, president; R. P. Pearson, cashier. The Basin State Bank was incorporated in 1907. Its capital stock is $50,000 ; deposits, $525,000 ; Henry Jordan, president ; H. H. Hime, cashier. In 1912 the First National Bank of Basin began business with a capital stock of $35,000. Its deposits amounted to $400,- 000 on January 1, 1918; A. K. Lee, president ; J. C. Stewart, cashier.
Big Piney-The State Bank of Big Piney was incorporated in 1913. Its cap- ital stock is $10,000; deposits, $166,000; James Michelson, president ; Albert Larson, cashier.
Buffalo-The First National Bank of Buffalo is one of the old banks of Wyoming. It was chartered in 1883, has a capital stock of $50,000; deposits of
FIRST NATIONAL BANK, CHEYENNE
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THE STOCK GROWERS NATIONAL BANK. CHEYENNE
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$712,000 ; H. P. Rothwell, president; E. D. Metcalf, cashier. The Stock Growers Bank of Buffalo was organized in 1902, with a capital stock of $30,000; deposits, $520,000; Fred Waegele, president ; S. C. Langworthy, cashier. The Wyoming Loan and Trust Company was incorporated in 1906, with a capital stock of $25,000 ; deposits, $145,000; Richard Young, president ; S. B. Cochran, cashier.
Burlington-In 1905 the Burlington State Bank was established with a capital stock of $10,000. It carries deposits of $125,000, with C. Webster, president ; C. F. Hensley, cashier.
Burns. In 1907, before the name of this town was changed from Luther to Burns, the Luther State Bank was organized. The capital stock of this bank is $10,000; deposits, $122,000; J. L. Thomas, president; S. H. Sibley, cashier.
Carpenter-The Bank of Carpenter was incorporated on May 3, 1916, with a capital stock of $10,000. Its deposits on January 1, 1918, were $39,000. George H. Gilland is president and S. C. Powers, cashier.
Casper-Casper has five banks. The Casper 'National -was organized in 1903; has a capital stock of $50,000; deposits of $2,574,000; A. J. Cunningham, presi- dent; Q. K. Deaver, cashier. The same year the Stockmen's National was or- ganized. Its capital stock is $50,000; deposits, $1.380,000; C. H. Townsend, president; C. E. Hoffine, cashier. The Wyoming National received its charter and opened its doors for business in 1914. Capital stock, $50,000; deposits, $1.500,000 ; B. B. Brooks, president ; C. F. Shumaker, cashier. The First Trust and Savings Company was organized in 1915 with a capital stock of $25,000. C. H. Townsend, president of the Stockmen's National Bank, is also president of this institution, and W. D. Ratcliff is cashier. Its deposits on January 1, 1918, were $153,000. The Citizens State Bank began business in 1917. It has a capital stock of $50,000; deposits of $220,000; F. J. Leeper, president ; W. J. Bailey, cashier.
Cheyenne-In Cheyenne there are six banking institutions. The First National was chartered in 1871 ; has a capital stock of $100,000; deposits of $5.502,000; George E. Abbott, president; A. D. Johnston, cashier. The Stock Growers National Bank received its charter and began business in 1881. It has a capital stock of $100,000, deposits of $5,653,000, with A. H. Marble president and Albert Cronland cashier. The Citizens National Bank began business in 1906 with a capital stock of $100,000. Its building at the corner of Eighteenth Street and Carey Avenue was erected in 1912. Deposits, $1,800,000; A. A. Spaugh, presi- dent ; Wesley I. Dunn, cashier. The Wyoming Trust and Savings Bank was incorporated under the state laws in 1909. Capital stock, $60,000; deposits. $720 000 ; A. H. Marble, president ; H. B. Henderson, cashier. The Union Trust Company began business in 1916 with a capital stock of $100,000; George E. Abbott, president ; C. L. Beatty, secretary. No report on deposits in the Bankers Directory for January, 1918. The Bankers and Stockmen's Trust Company was established in 1917. Capital stock, $300,000; A. A. Spaugh, president; T. P. Fahey, secretary and treasurer.
Chugwater-The Chugwater Valley Bank was established in 1913. It has a capital stock of $10,000; deposits, $121,000; A. H. Marble, president; F. V. Ellis, cashier.
Clearmont-The Clearmont State Bank was incorporated in 1909 with a cap-
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ital stock of $10,000. T. C. Diers is president ; G. T. Cook, cashier ; and the de- posits amount to $45,000.
Cody-The two banks of Cody are the Frist National and the Shoshone National. The former was chartered in 1904 with a capital stock of $50,000 and its deposits on January 1, 1918, were $350,000. L. B. Ewart is president and F. F. McGee, cashier. The Shoshone National received its charter and began business in 1905. Its capital stock is $25,000 ; deposits, $655,000; S. C. Parks, Jr., president ; C. L. Brady, cashier.
Cokeville-In 1909 the State Bank of Cokeville was established with a capital stock of $25,000. P. J. Quealy is president ; J. A. Larson, cashier ; and the bank carries deposits of $152,000.
Cowley-The Cowley State bank was organized in 1916. Its capital stock is $10,000 ; deposits, $85,000; George S. Crosby, president ; H. E. Ross, cashier.
Dayton-In 1918 the Dayton Bank was twelve years old, having been organ- ized in 1906. It has a capital stock of $10,000; deposits of $110,000; G. WV. Perry. president ; M. M. Owen, cashier.
Dixon-The Stock Growers Bank of Dixon was incorporated under the laws of the state in 1906. Its capital stock is $10,000; deposits, $265,000; A. R. Reader, president ; E. W. Reader, cashier.
Douglas-The First National Bank of Douglas was founded in 1886, soon after the town was started. It has a capital stock of $75,000; deposits of $700,- 000; C. F. C ; T.C. Rowych. Das N Bank was chartered in 1906 with a capital stock of $50,000; deposits, $535.000; M. R. Collins, president ; Wilkie Collins, cashier. The Commercial Bank and Trust Company was incorporated in 1914; capital stock, $30,000; deposits, $500,- 000; G. W. Metcalf, president ; C. D. Zimmerman, cashier.
Dubois-The only bank in Dubois is that of Amoretti, Welty, Helmer & Company, which began business in 1913 with an authorized capital of $10,000 and in 1918 reported deposits of $115,000. E. Amoretti, Jr., president ; E. B. Helmer, cashier.
Encampment-The Encampment State Bank began business in 1908. Its cap- ital stock is $10,000; deposits, $98,000; C. H. Sanger, president, F. H. Healy. cashier.
Evanston-The City of Evanston has three banks, the oldest of which is the First National, organized in 1874. It has a capital stock of $50,000; deposits of $822,000; J. E. Cosgriff, president ; O. E. Bradbury, cashier. The Evanston National Bank was chartered in 1907 with a capital stock of $50,000. F. H. Harrison is president, O. H. Brown, cashier, and the bank carries deposits of $380,000. The Stock Growers Bank was incorporated under the state laws in 1915. It has a capital stock of $50,000; deposits of $345,000 ; James Pingree, president ; William Pugh, cashier.
Freedom-The Freedom State Bank was organized in 1916; has a capital stock of $15.000; deposits of $75,000; J. F. Jenkins, president ; P. P. Baldwin. cashier.
Garland-In 1905 the Garland State Bank began business with a capital stock of $10,000. It carries deposits of $63,000. H. J. Thompson is president and E. S. Dabbs cashier.
Gillette-There are two banks in Gillette. The Bank of Gillette was organ-
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ized in 1902; capital stock, $50,000; deposits, $533,000; WV. D. Townsend, presi- dent; M. H. Shields; cashier. The Stockmens Bank was incorporated in 1907 with a capital stock of $25,000 ; deposits, $233,000 ; J. A. Allison, president ; A. B. Maycock, cashier.
Glendo-The Glendo State Bank began business in 1917 .. It has a capital stock of $10,000 and in May, 1918, reported deposits of $15,000. B. F. Hiester is presi- dent and G. A. Swallow is cashier.
Glenrock-This town has two banks. The Glenrock State Bank was estab- lished in 1897; capital stock, $15,000; deposits, $347,000; J. E. Higgins, presi- dent; Charles H. Armour, cashier. The Bank of Glenrock was incorporated in 1917 with a capital stock of $15,000 and on January 1, 1918, reported deposits of $86,000 ; A. A. Spaugh, president ; William Booker, vice president and cashier.
Green River-The State Bank of Green River began business in 1895. Its capital stock is $10,000; deposits, $56,000; Hugo Gaensslen, president ; T. E. Rogers, cashier. In 1915 the First National Bank of Green River was chartered with a capital stock of $50,000. T. S. Taliaferro, Jr., president ; J. A. Chrisman. cashier ; deposits, $232,000.
Greybull-There are two banks in Greybull-the First National and the First State. The former was chartered in 1905, has a capital stock of $25,000, deposits of $419.000 ; R. J. Covert, president; C. J. Williams, cashier. The latter began business in 1913; capital stock, $25,000; J. T. Hurst, president : C. M. Loring. cashier ; deposits, $255,000.
Guernsey-The two banks of Guernsey are the Guernsey State and the Com- mercial State. The Guernsey State Bank was incorporated in 1905; has a capi- tal stock of $10,000; deposits, $85,000; A. C. Fonda, president; A. M. Fonda, cashier. The Commercial State Bank was organized in 1914. Capital stock, $10,000; deposits, $155,000; H. S. Clarke, president ; E. P. Perry, cashier.
Hanna-In the fall of 1891 Otto Gramm and C. W. Wilkinson opened a bank at Carbon. In 1904 it was removed to Hanna and is now known as the Carbon State Bank. The capital stock is $40,000 ; deposits, $370,000 ; John Quealy, presi- dent ; Otto Frederick, cashier.
Hillsdale-The Hillsdale State Bank was incorporated in 1916; capital stock, $10,000; deposits, $36,000; J. C. Nash, president ; F. O. Osborn, cashier.
Hudson-The Bank of Hudson was incorporated in 1908 with a capital stock of $10,000, and on January 1, 1918, reported deposits of $135,000. M. Henry. president ; H. G. Bissell, cashier. In 1912 the Farmers and Merchants Bank of Hudson began business. It has a capital stock of $10,000; deposits of $30,000; W. B. Armagast, president ; A. P. Fair, cashier.
Hulett-The Hulett State Bank was established in 1907 with a capital stock of $20,000. On January 1, 1918, it reported deposits of $153,000. W. A. Ripley is president and C. C. Storm, cashier.
Jackson-In 1914 the Jackson State Bank began business with a capital stock of $10,000. R. F. Miller is president; Harry Wagner, cashier; deposits, $175,000.
Kane-The First State Bank of Kane was established in 1915. Its capital stock is $10,000; deposits, $40,000 ; D. L. Darr, president ; M. B. Rhodes, cashier.
Kaycee-There are two banks in Kaycee. The Powder River State Bank began business in 1909; capital stock, $50,000; deposits, $204,000; W. J. Thom,
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president ; J. J. Cash, cashier. The First State Bank of Kaycee was established in 1917; capital stock, $25,000; deposits, $36,000; James M. Hibbard, president ; F. M. Barnhart, cashier.
Keeline-The Bank of Keeline was originally located at Jireh, where it began business in 1915. In 1917 it was removed to Keeline. The capital stock of this bank is $10,000; deposits, $40,000; A. A. Spaugh, president ; M. R. McKenna, cashier.
Kemmerer-The First National Bank of Kemmerer received its charter in 1900, when the town was but three years old. It now occupies a handsome build- ing : has a capital stock of $100,000; deposits of $1,290,000; P. J. Quealy, presi- dent ; Roy A. Mason, cashier. The Kemmerer Savings Bank was established in 1909. The capital stock of this bank is $35,000; deposits, $500,000; A. D. Hoskins, president ; E. L. Smith, cashier. The bank owns its own building.
Lagrange-The Stock Growers Bank of Lagrange was organized in 1917 with a capital stock of $10,000 ; deposits, $25,000; A. H. Marble, president; R. E. Tremain, cashier.
Lander-The City of Lander has four banking institutions. The First National was chartered in 1884; has a capital stock of $50,000; deposits, $688,000; S. C. Parks, president ; G. F. Westbrook, cashier. The Lander State Bank began business in 1890 with a capital stock of $60,000 ; has deposits of $513,000; A. D. Lane, presi- dent ; M. A. Nelson, cashier. In 1906 the Central Trust Company was organized with a capital stock of $25,000; S. C. Parks, president; W. E. Hardin, cashier; deposits. $175,000. The Stock Growers Bank was established in 1916. Capital stock, $30,000 ; deposits, $295,000; John W. Cook, president; J. M. Lowndes, cashier.
Laramie-The three banks of Laramie are the First National, the Albany National and the First State. The First National was established as the Laramie National Bank in 1873. Its capital stock is $100,000 ; deposits, $1.733,000; J. W. Hay, president ; H. R. Weston, cashier. The Albany National Bank began business in 1886. Capital stock $100,000; deposits, $1,100,000; Robert H. Homer, president ; C. D. Spalding, cashier. The First State Bank of Laramie was organized in 1910 with a capital stock of $100,000. Herman Hegewald is presi- dent ; C. W. Dekay, cashier : and the bank carries deposits of $403,000.
Lingle-In 1910 the Lingle State Bank was incorporated. It has a capital stock of $10,000 and deposits of $70,000. H. S. Clarke is president, and J. T. McDonald, cashier.
Lost Spring-The Citizens Bank of Lost Spring began business in 1917. Capital stock, $10,000 ; deposits, $30,000; S. G. Butterfield, president and matt- ager.
Lovell-In the Town of Lovell there are two banks-the First National and the Bank of Lovell. The former was chartered in 1906; has a capital stock of $30,000 ; deposits of $252,000; Roy J. Covert, president; S. T. Smith, cashier. The Bank of Lovell was established in 1916. Capital stock, $20,000 ; deposits, $135,000 ; WV. B. Snyder, president : J. M. Snyder, cashier.
Lusk-The Bank of Lusk is one of the oldest state banks in Wyoming. It was established in 1886; has a capital stock of $50,000; deposits of $300,000; IV. C. Reed, president ; N. E. Hartwell, cashier. In 1914 the Wyoming State
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Bank of Lusk was incorporated with a capital stock of $10,000. John Goeller is president ; John W. Newell, cashier; and the bank carries deposits of $53,000.
Lyman-The Farmers and Stock Growers Bank of Lyman was incorporated in 1915. It has a capital stock of $10,000; deposits of $120,000; A. Kendall, president ; F. A. Campbell, cashier.
Manderson-In 1916 the Manderson State Bank opened its doors for business. It has a capital stock of $10,000; deposits of $100,000: J. H. Montgomery, presi- dent ; I .. O. Gray, cashier.
Manville-The Bank of Manville was organized in 1907 with a capital stock of $10,000. On January 1, 1918, it reported deposits of $41,000; H. B. Card, president ; J. A. Manorgan, cashier.
Marbleton-The Marbleton State Bank was incorporated in 1913. Its capital stock is $20,000; deposits, $160,000; W. W. Luce, president ; J. C. Rumsch, cashier.
Medicine Bow-In 1911 the Medicine Bow State Bank began business with an authorized capital stock of $10,000. On January 1, 1918, it reported deposits of $90,000 ; J. E. Cosgriff, president ; R. R. Finkbiner, cashier.
Meeteetse-There are two banks in Meeteetse-the First National and the Meeteetse State Bank. The former began business in 1902 with a capital stock of $25.000. It has deposits of $211,000: A. J. McDonald, president; J. L. Price, cashier. The State Bank of Meeteetse began business in 1907. The capital stock of this bank is $10,000; deposits, $125,000; D. H. Wilson, president ; R. J. McNally, cashier.
Moorcroft-The Moorcroft Bank was incorporated in 1906. It has a capital stock of $15.000; deposits of $200,000; Arthur Jayne, president ; D. R. Shackel- ford, cashier.
Newcastle-In Newcastle there are three banking institutions-the First National. the Weston County Bank and the Newcastle National. The First National Bank was chartered in 1904. It has a capital stock of $25.000; deposits, $718,000 ; J. L. Baird, president ; E. P. Coyle, cashier. The Weston County Bank began business in 1906 with a capital stock of $20,000 and on January 1, 1918, reported deposits of $210,000. John Sedgwick, president ; G. A. Stoecker, cashier. The Newcastle National Bank received its charter in 1917; capital stock, $25,000; deposits, $45,000: A. M. Nichols, president; C. F. Morrison, cashier.
Pine Bluffs-The Pine Bluffs State Bank was incorporated in 1907 with a capital stock of $25,000. Its deposits on January 1, 1918, amounted to $233.000. C E. Beyerle, president; Sumner Miller, cashier. The Farmers State Bank of Pine Bluffs was organized in 1915. Capital stock, $15,000; deposits, $90,000; E. W. Stone, president ; A. B. Mitchell, cashier.
Pinedale-The State Bank of Pinedale was established in 1912. The capital stock of this bank is $10,000; deposits, $132,000 ; Abner Luman, president ; P. C. Hagenstein, cashier.
Powell-The Powell State Bank was incorporated in 1909; capital stock, $25,000; deposits, $155.000: J. E. Dowling. president; H. W. Howell, cashier. In 1912 the First National Bank of Powell began business. It has a capital stock of $35.000; deposits of $215,000; S. A. Nelson, president; A. C. Sinclair, cashier.
Ranchester-In 1912 the Ranchester State Bank was incorporated with a capital
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stock of $10,000. On January 1, 1918, it reported deposits of $50,000. C. C. Trader, president; V. F. Trader, cashier.
Rawlins-There are three banks in Rawlins. The First National was chartered in 1883 ; has a capital stock of $75,000 ; deposits of $853,000 ; J. E. Cosgriff, presi- dent ; G. A. Bible, cashier. The Rawlins National Bank began business in 1900. Capital stock; $100,000; deposits, $1,180,000; William Daley, president ; H. A. France, cashier. The Stock Growers National Bank was chartered in 1909 with a capital stock of $75,000. On January 1, 1918, it reported deposits of $447,000. J. M. Rumsey was then president and H. Breitenstein was cashier.
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