History of Wyoming - Chapter XXVI
CHAPTER XXVI
FINANCIAL HISTORY
Early Conditions in Wyoming—Financial Growth—Assessments of 1889 and 1917 Compared—Public Revenues—The Bonded Debt—Security—Banking, Origin of—Banks in the United States—Wyoming Banks—State Banking Laws—Banks in 1890—Pioneer Bankers—Banks in 1918—State Bankers Associaition ... 412
    Only a little more than fifty years ago the first actual settlers of Wyoming began the work of building up a state in a region that for many years had been considered unfit for habitation by civilized people. There were no weaklings among those pioneers. Most of them were men of courage and energy, full of hope for the future, but unfortunately they possessed but a limited amount of ready cash. It is the history of every new state that, until the resources are developed to a point that yields an income, the demand for public expenditures outstrips the sources of public revenues. In creating the temporary government for the Territory of Wyoming, Congress helped by making appropriations for certain purposes, and by granting large tracts of land, though the land was then of slight value. In fact the land did not acquire a value until the number of inhabitants grew sufficiently to create a demand for it for homes and ranches. During these early years the burden of taxation fell heavily upon the settlers, yet they never faltered in their determination to conquer the wilderness and establish their state upon a firm foundation.
FINANCIAL GROWTH
    No doubt the best method of determining the financial growth of the state is by a comparison of the assessed valuation of property taken at different periods. While these valuations in Wyoming have been somewhat fluctuating at times, the general trend has been steadily upward. In 1889 the Territory of Wyoming was twenty years old. The financial progress during those twenty years is shown in the last report of the territorial secretary, in which the assessed valuation of property is given as follows:

Albany County $4,122,194
Carbon County 3,784,028
Converse County 2,146,364
Crook County 2,278,496
Fremont County 1,819,738
Johnson County 1,963,648
Laramie County 7,925,871
Sheridan County 1,228,756
Sweetwater County 3,142,232
Uinta County 3,019,166
Total for the territory $31,430,493


    The year following this assessment Wyoming was admitted into the Union as a state and the United States census for that year showed a population of 62,555, including 1,850 Indians not distributed by counties. The per capita wealth of the territory was therefore only a little over five hundred dollars. In 1889 there were but ten counties, none of which showed an assessed valuation of ten million dollars. Now, compare the above valuation with that of 1917, to wit:

County Valuation
Albany $15,585,683
Bighorn 9,135,482
Campbell 6,363,463
Carbon 16,622,257
Converse 9,927,722
Crook 7,357,255
Fremont 12,985,999
Goshen 6,062,773
Hot Springs 6,591,102
Johnson 7,272,918
Laramie 25,190,855
Lincoln 16,856,331
Natrona 19,074,557
Niobrara 6,463,414
Park 8,330,187
Platte 10,816,282
Sheridan 21,203,057
Sweetwater 21,935,562
Uinta 9,418,068
Washakie 4,188,332
Weston 6,515,346
Total for the state $247,896,645


    During the period of statehood since 1890, the number of counties increased to twenty-one, nine of which returned a valuation of over ten millions of dollars each, and three returned a valuation of over twenty million dollars each. Estimating the population in 1918 at one hundred and fifty-five thousand, the per capita wealth of the state was almost sixteen hundred dollars. Thus, while the population increased less than two hundred per cent, the assessed valuation increased nearly seven hundred per cent. Then, too, it should be borne in mind that the assessed valuation of property is far below the actual value, in many instances not much over one-half. It would probably be a conservative statement to say that the taxable property of the state is worth at least four hundred million dollars, in which case the per capita wealth would be over twenty-five hundred dollars.
PUBLIC REVENUES
    The framers of the Wyoming Constitution provided that the tax levied annually for state purposes—exclusive of that levied for the support of the educational and charitable institutions–should not exceed four mills on the dollar. A limit was also placed upon the rate levied in the several counties and municipalities for local purposes. While the general tax thus provided for is the principal source of revenue, the state derives a large income every year from land rentals, leases and sales, etc. According to the report of the state treasurer for the biennial period ending on September 30, 1916, the total receipts for the last year of that period amounted to $2,182,341.40. The main sources of income were as follows:

Direct property tax $847,938.55
Land rentals and interest 355,912.43
Sales of state lands 307,982.43
Fees of state officers and boards 82,793.91
Interest, treasury department 77,803.22
United States forest reserve fund 80,913.93
Tax on insurance companies 37,289.66
Game department 29,193.74
United States Agricultural College fund 50,000.00
Workmen's Compensation (employers assessment) 184,903.56
Miscellaneous receipts 127,609.97
Total $2,182,341.40


    In the disbursement of public funds the constitution provides that no money shall be paid out of the treasury except on appropriations made by the Legislature, though the state treasurer may pay interest on the public debt without legisla-ive appropriation, but in no case can the treasurer pay out money without a warrant from the proper authority. Some years ago the Legislature created a board of deposits, consisting of the governor, secretary of state and the state treasurer, to select banks in which to deposit the state's funds, said banks to be designated as state depositories, to furnish satisfactory security and pay interest upon the deposits. At the close of the year ending on September 30, 1916, eighty-nine banks in the state were listed as state depositories and paid the state three per cent interest on daily balances. The total amount received by the state was $77,803.22, as shown by the report of the state treasurer, though a portion of this was interest upon trust funds and permanent investments.
    At the close of the fiscal year on September 30, 1914, the state treasurer reported a balance in the treasury of $718,426.85. Two years later, without any increase in the rate of taxation, the balance in the treasury or deposited in the accredited banks amounted to $1,046,656.07.
THE BONDED DEBT
    The Territorial Legislature of 1886 passed acts providing for the erection of a capitol building at Cheyenne to cost $150,000; an insane asylum at Evanston to cost $30,000; a state university building at Laramie to cost $50,000; and an institute for the blind, deaf and dumb at Cheyenne for the support of which an appropriation of $8,000 was made. To pay for the erection of the buildings provided for in the act, the territorial authorities were authorized to issue bonds. In his report for the year 1887, Mortimer N. Grant, territorial auditor, gave the amount of outstanding bonds as $230,000. He also reported that these bonds, drawing six per cent interest, had been sold at a premium and constituted the entire debt of the territory. This debt was assumed by the State of Wyoming upon its admission to the Union three years later.
    The Constitution of Wyoming provides that the state shall not create any indebtedness in excess of one per cent of the assessed valuation of the taxable property, except to suppress insurrection or to provide for the public defense. Another constitutional provision is that "No debt in excess of the taxes for the current year shall in any manner be created in the State of Wyoming, unless the proposition to create such debt shall have been submitted to a vote of the people and by them approved, except to suppress insurrection or to provide for public defense."
    Under these wise provisions the Legislatures of Wyoming have adopted the policy of defraying the cost of new institutions by tax levies rather than by issuing bonds, proceeding on the theory that it is less burdensome to pay taxes for two or three years than to pay interest on long term bonds. The result is that the state has never issued many bonds for any purpose. According to the state treasurer's report for the biennial period ending on September 30, 1916, the bonds then outstanding were as follows: Insane asylum bonds issued in 1887, due $3,000 on January 1st of each year, $15,000; public building bonds issued in 1888, due $9,000 each year beginning on July 1, 1919, $90,000, making a total bonded indebtedness of $105,000, the interest on which is six per cent per annum. This is an indebtedness of only about seventy cents per capita for the population of the state.

SECURITY

    And what assurance has the holder of the Wyoming state bonds that the debt will be paid? The bonds issued by the territory and afterward assumed by the state constitute a lien upon every dollar's worth of property within the limits of Wyoming. Even at the low rate of assessment for tax purposes, the property of the state showed a valuation of $247,896,645 in 1917, or more than two thousand dollars of assets for each dollar of liabilities. Leaving private property out of the question, the state in its corporate capacity owns lands and public buildings worth many times the outstanding bonds. Under these conditions there is no wonder that the bonds of Wyoming should command a premium in all the financial centers of the country.
BANKING
The earliest public bank known was the Bank of Venice, which was established in 1171 as a bank of deposit, the Government being responsible for the fund deposited with the bank. It went down with the Venetian empire in 1797.
    Modern banking methods originated with the Bank of Florence, established about the middle of the Fourteenth Century. It was soon followed by the Bank of Genoa and for many years the Italian bankers dominated the financial transactions of the civilized world.
    The Bank of Amsterdam was founded in 1609 and ten years later the Bank of Hamburg opened its doors for business. At that time there was no bank in England and the business men who had a surplus of funds deposited with the mint in the Tower of London until Charles I appropriated the fund on deposit to the royal use. After that English merchants deposited their funds with the goldsmiths, who became bankers in a small way, loaning money for short periods and paying interest on deposits left with them for a given time.
    In 1690 the Bank of Sweden invented and first issued bank notes. This was an important agency in leading William Patterson to suggest the Bank of England, which was chartered in 1694. England and France were then at war and subscribers to the war loan of ÂŁ1,500,000 became stockholders in the bank to the extent of their subscriptions to the loan.
BANKS IN THE UNITED STATES
    The first bank in the United States was established at Philadelphia in 1780 and was known as the Pennsylvania Bank. It was founded by Robert Morris, George Clymer and a few others and played an important part in saving the financial credit of the new republic. In 1781 it was reorganized as the Bank of North America and continued for ten years, when the Bank of the United States was incorporated by act of Congress and given a twenty-year charter. The capital stock was limited to $10,000,000 and the bank was made the fiscal agent of the United States. Upon the expiration of the charter in 1811, Congress failed to renew it, and the business of the bank passed into the hands of Stephen Girard of Philadelphia.
    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 dollar 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 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 pkice 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 violation 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 advertisements 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, composed 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 interested in banking operations at Rawlins.. Kountze Brothers & Company, of Omaha, opened a branch of their bank in Cheyenne late in the year 1867.
    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 Evanston, 1874; Stock Growers National of Cheyenne, 1881; First National of Buffalo, 1883; First National of Rawlins, 1883; First National of Lander, 1884; 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. S35,ooo. 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 capital 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 850,000; deposits of 712,000; H. P. Rothwell, president; E. D. Metcalf, cashier. Tlie 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 i, 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, president; Q. K. Deaver, cashier. The same year the Stockmen's National was organized. Its capital stock is $50,000; deposits, $1,380,000; C. H. Townsend, president; C. E. Hofifine, 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 i88r. 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, president; 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 Lfnion 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 capital stock of $10,000. T. C. Diers is president; G. T. Cook, cashier; and the deposits 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 i, 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 Rank 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 organized in 1906. It has a capital stock of $10,000; deposits of $110,000; G. W. 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 18S6, soon after the town was started. It has a capital stock of $75,000; deposits of $700,000; C. F. Coffee, president; T. C. Rowley, cashier. The Douglas National 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 capital 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 organized in 1902; capital stock, $50,000; deposits, $533,000; W. D. Townsend, president; 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 president and G. A. Swallow is cashier.
    Glenrock–This town has two banks. The Glenrock State Bank was established in 1897; capital stock, $15,000; deposits, $347,000; J. E. Higgins, president; Charles H. Armour, cashier. The Bank of Glenrock was incorporated in 1917 with a capital stock of $15,000 and on January i, 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. T. 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 Commercial State. The Guernsey State Bank was incorporated in 1905; has a capital 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 Ouealy. president ; 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. E. 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, 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 building; has a capital stock of $100,000; deposits of $1,290,000; P. J. Quealy, president; 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, president; 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 president ; 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 manager.
    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; W. 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; W. C. Reed, president: N. E. Hartwell. cashier. In 1914 the Wyoming State 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, president; L. 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. Cosgrii?, 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. Shackelford, 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 mij; 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 the 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 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, president; 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.
    Riverton–The three banks of Riverton are the Riverton State Bank, The First State Bank and the Farmers State Bank. The first was organized in 1906; has a capital stock of $25,000; deposits of $325,000: A. J. Cunningham, president; W. F. Breniman, cashier. The First State Bank began business in 1913; capital stock, $25,000: deposits, $225,000; F. M. Stratton, president; T. H. Stratton, cashier. In 1917 the Farmers State Bank was opened. The capital stock of this bank is $25,000; deposits, $70,000; E. H. Luikart, president; H. J. Hall, cashier.
    Rock River–The Rock River State Bank was established in 1906 with a capital stock of $10,000. On January 1, 1918, it reported deposits of $40,000; Felix Atkinson, president; H. A. Thompson, cashier.
    Rock Springs–The First National Bank of Rock Springs was chartered in 1888 with a capital stock of $100,000. Deposits on January i, 1918, were $1,500,000. A. Kendall, president; J. P. Boyer, cashier. In 1892 the Rock Springs National Bank began business. Capital stock, $100,000: deposits, $1,765,000; John W. Hay, president; Robert D. Murphy, cashier. The North Side State Bank of Rock Springs was incorporated in 1912; capital stock. $75,000: deposits, $650,000; C. Juel, president; V. J. Facinelli, cashier.
    Saratoga–In Saratoga there are two banks–the Saratoga State and the Stock Growers State. The former was organized in 1899; has a capital stock of $15,000; deposits of $200,000; J. B. Cosgriff, president; G. W. Broadhurst, cashier. The latter began business in 1916; capital stock, $10,000: deposits, $75,000; C. A. Cook, president; F. B. Durrie, cashier.
    Sheridan–The First National Bank of Sheridan was founded in 1890 with a capital stock of $100,000. On January 1, 1918, the deposits amounted to $975,000. R. H. Walsh is president and C. L. Chapman, cashier. The Bank of Commerce was organized in 1893; has a capital stock of $150,000; deposits of $1,300,000; B. F. Perkins, president; E. B. Allan, cashier. In 1894 the Sheridan Banking Company laegan business with an authorized capital stock of $50,000; P. P. Reynolds, president; J. D. Thorn, cashier; deposits, $520,000. The Sheridan County Savings Bank was established in 1903. Capital stock, $100,000; deposits, $532,000; P. P. Reynolds, president; W. G. Grilifin, cashier. The Sheridan National Bank was chartered in 1906; capital stock, $50,000; deposits, $643,000; J. E. Cosgriff, president; C. L. Hoag, cashier. The Citizens State Bank of Sheridan was incorporated in 1910; capital stock. $50,000; deposits, $300,000; D. Kahn, president; T. C. Diers, cashier.
    Shoshoni–The First National Bank of Shoshoni was chartered in 1905 with a capital stock of $25,000. A. J. Cunningham is president: R. T. Linn, cashier; and the bank carries deposits of $215,000.
    South Superior–The Miners State Bank of South Superior was incorporated in 1911. Capital stock, $10,000; deposits, $121,000; A. Kendall, president; D. E. McCurtain, cashier.
    Sundance–Two banks are located in Sundance–the Sundance State Bank and the Citizens Bank. The former was organized in 1895; has a capital stock of $25,000; deposits of $400,000; L. A. Brown, president; J. G. Bush, cashier. The Citizens Bank began business in 1913. Capital stock, $25,000; deposits, $103,-000; A. H. Bowman, president; J. E. Ford, cashier.
    Superior–The First Bank of Superior was incorporated in 1909 with a capital stock of $10,000; W. H. Gottsche, president; H. L. Levesque, cashier; deposits, $192,000.
    Thermopolis–This city has three banks. The First National was established in 1901 with a capital stock of $40,000. On January 1, 1918, the deposits amounted to $570,000; H. P. Rothwell, president; W. T. Bivin, cashier. In 1907 the Wyoming Trust Company was incorporated. It has a capital stock of $25,000; deposits of $300,000; David Dickie, president; A, J. Lowry, cashier. The Thermopolis State Bank began business in 1908. Capital stock, $25,000; deposits, $611,000; C. W. Ford, president; O. E. Shellburne, cashier.
    Torrington–The First National Bank of Torrington was chartered in 1904; has a capital stock of $25,000; deposits of $305,000; H. S. Clarke, Jr., president; J. T. McDonald, cashier. The Torrington State Bank was incorporated in 1912. Its capital stock is $25,000; J. T. Snow, president; Frank Cloos, cashier; deposits, $145,000. A new bank was incorporated in Torrington about the beginning of the year 1918. It is the Citizens National, with a capital stock of $25,000; W. O. Eaton, president; R. F. Tebbett, cashier.
    Upton–The Bank of Upton dates from 1910. It has a capital stock of $10,000; deposits of $130,000; J. L. Baird, president; C. T. Minnick, cashier.
    Van Tassell–The Bank of Van Tassell was incorporated in 1913; has a capital stock of $10,000; deposits of $125,000; W. L. Hoyt, president; Howell Jones, cashier.
    Wheatland–The three banks of Wheatland are the State Bank of Wheatland, the Stock Growers Bank and the Platte County State Bank. The first was organized in 1903; has a capital stock of $40,000; deposits of $810,000; F. N. Shiek, president; D. W. Brice, cashier. The second began business in 1911. Its capital stock is $20,000; deposits, $240,000; George Mitchell, president; Kent Snyder, cashier. The Platte County State Bank was incorporated in 1914; has a capital stock of $10,000; deposits of $136,000; D. Miller, president; L. C. Butler, cashier.
    Worland–In 1906 the First National Bank of Worland opened its doors for business. It has a capital stock of $25,000; deposits of $568,000; C. W. Erwin, president; B. J. Keys, cashier. The second bank to be established in Worland is the Stock Growers State Bank, which began business in 1910. It has a capital stock of $25,000; deposits of $450,000; G. B. McClellan, president; J. T. Cunningham, cashier. The Farmers State Bank was incorporated in 1917. The capital stock of this bank is $25,000; deposits, $56,000; E. H. Luikart, president; O. F. Drefeld, cashier.
STATE BANKERS ASSOCIATION
    The Wyoming State Bankers Association was organized at Cheyenne on September 26, 1908. A. H. Marble, of Cheyenne, was elected president; B. F. Perkins, of Sheridan, vice president; H. Van Densen, of Rock Springs, secretary: J. DeF. Richards, of Douglas, treasurer. The business meetings during the day were followed by a banquet at the Masonic Temple in the evening. The organization of this association brought the bankers of the state in closer touch with each other and by an interchange of ideas every member of the association has gained information regarding the details of the banking business. Officers are elected annually. The present officers (1918) are as follows: S. C. Langworthy, of Buffalo, president: A. D. Johnston, of Cheyenne, vice president; Harry B. Henderson, of Cheyenne, secretary. W. J. Thorn, of Buffalo, treasurer.
    There have been but few disastrous bank failures in Wyoming, the most notable ones being the private banks of Morton E. Post and Thomas A. Kent, of Cheyenne, the Cheyenne National and a bank at Douglas. These failures were caused more by a chain of unfortunate circumstances than by dishonesty on the part of the bank managers. As a rule, the banks of the state are well managed. They are large enough and strong enough to serve the communities in which they are located, and most of them are conducted by men who know how to be conservative without being non-progressive–men who know that banks cannot prosper unless the state generally is prosperous, and who therefore aid by every legitimate means the progress and development of Wyoming.