gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
970f21066cc27769
Response Measures
None
Description
Contemporaneous reports tie the run to failure of Broadway State Bank and large loans to German interests.
Events (4)
1.January 30, 1917Receivership
Newspaper Excerpt
The Northern Bank and Trust company ... failed this morning and its books have been seized by the state bank examiner.
Source
newspapers
2.January 30, 1917Run
Cause
Local Banks
Cause Details
Run began after failure/closing of the Broadway State Bank and associated withdrawals from Northern Bank; fears amplified by disclosures of large loans to German interests.
Measures
Depositors demanded money; withdrawals were steady and police controlled crowds; clearing house arranged assistance.
Newspaper Excerpt
Following the failure of the Northern Bank and Trust company this morning, a big run was started on the People's Savings Bank
Source
newspapers
3.January 30, 1917Suspension
Cause
Government Action
Cause Details
State bank examiner ordered the bank closed after investigating the multi-day run and finding assets insufficient to meet withdrawals (examiner seized books).
Newspaper Excerpt
The Northern Bank and Trust Company ... was closed by the state bank examiner this morning.
Source
newspapers
4.March 12, 1918Other
Newspaper Excerpt
Local parties ... were agreeably surprised to receive checks from the receivers ... for twenty percent of the amount due them as depositors at the ... institution closed last year.
Source
newspapers
Newspaper Articles (22)
1.January 30, 1917The Seward GatewaySeward, AK
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NORTHERN BANK AND TRUST CLOSED, RUN ON STATE BANKS FOLLOW BULLETIN SEATTLE, Tuesday. - Following the failure of the Northern Bank and Trust company this morning, a big run was started on the People's Savings Bank, which is regarded as one of the strongest institutions in the Northwest. Throughout the day there have been small runs on other state banks. National banks have been undisturbed by the crash, but on the contrary have opened many new accounts, while the Postoffice Savings bank has had the biggest day of its history in deposits. So great was the crush at the postoffice of people who had taken their funds from other banks that it was necessary to open two more windows to receive deposits.
2.January 30, 1917The Seward GatewaySeward, AK
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SEATTLE, Tuesday. - Following a run of several days on Northern Bank and Trust company, W. L. ColI er closed its doors this morning by orders of the state bank examiner. The company has deposits of over $1,500,000. Many Alaskans were caught in the failure through their aquaintance with Collier, a former sourdough. The run which crushed the trust company and bank followed the failure of the Broadway State bank, with which it had been allied. Loans which resulted in the crash are said to have been made to the Isiaquah Superior Coal mining company, a wild cat concern promoted by von Alvensaben, a German, whose extensive interests in British Columbia coal holdings were confiscated by the Dominion of aCnada at the beginning of the war. These loans amounted to several hundred thousand dollars. Collier had a rather remarkable career, as he was merely a clerk when he went to Alaska and when he returned he blossomed out into a full fledged banker. The last bank statement issued showed the Northern Bank and Trust to have deposits of $1,679,619.24, with cash and exchange on hand amounting to only $268.704.72. From local sources it has been learned that the bank had a disagreement with other financial institutions in Seattle recently which resulted in a new clearing house being organized from which it was excluded. So far as known no Seward business establishment had any financial connection with this bank, but it is possible that some Alaskans here were depositors as one local man had a deposit in the Broadway bank which closed last week.
3.January 30, 1917The Alaska Daily EmpireJuneau, AK
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Article Text
Seattle Institution With Million and a Half in Deposits Closed by Examiner. RUNS ON OTHER BANKS National Banks Are Not Being Disturbed by Flurry Which Is in Seattle. SEATTLE, Jan. 30.-The Northern Bank and Trust Company. with $1,500,000 deposits. was closed by the state bank examiner this morning. Ever since the failure of the Broadway State bank. several weeks ago, there has been sort of a run on the Northern Bank and Trust Company. The latter institution was allied with the smaller bank. A large number of Alaskans were caught by the Northern Bank and Trust Company's failure today, mainly through their acquaintance with W. L. Collier, president. Mr. Collier. while merely a clerk. went to Alaska, locating at Nome. and returned here gradually working his way up in the Northern Bank and Trust Company until he became a full-fledged banker. for the pasts year being president of the financial house. The failure of the bank today is attributed to loans of several hundred thousand dollars said to have been made to the Issaquah Superior Coal Mining Company, an alleged wild cat concern, promoted by Henri von Alvenslaben. The latter had operated extensively in British Columbia but his holdings were confiscated at the beginning of the war.
4.January 30, 1917Elko IndependentElko, NV
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SEATTLE HAS BIG BANK FAILURE SEATTLE, Jan. 30.-The Northern Bank and Trust company, one of the largest financial institutions in the city failed this morning and its books have been seized by the state bank examiner. A line of depositors more than a block long was held in check for hours by the police, while they clamored for their money. It is reported that the bank is behind about $400,000. their deposits were $1,600,000. This afternoon three hundred depositors of the People's Savings bank stated a run on that institution because of the failure of the Trust company. The two banks are in no way connected.
5.January 30, 1917The Nome Daily NuggetNome, AK
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Pacific News Service. SEATTLE, Jan. 30.-The Northern Pank and Trust Company of this city closed its door3 temporarily today. This action was taken following in structions from a state bank inspector who announced that depostiors would not lose a dollar as the deposit. were well secured. A statement was issued this morning showing the condition of the bank and the reasons for the suspension. The bank's deposits amount to one million and five hundred thousand dollars. Loans have been made well within the legal limit but the bank is behind about four hundred thousand dollars which have been placed chiefly on coal mines and timber holdings of a German syndicate in which the German emperor is heavily interested financially. Owing to the war and the disruption of commerce and financial conditions resulting from it the Cermans have not been able to repay the money loaned them. The bank has foreclosed its mortgages but cannot realize cash on the
6.January 30, 1917The Seattle StarSeattle, WA
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gathering before the bank at 9:45 m. They found a notice had been posted on the door: "Bank closed: in the Hands of the Bank Examiner." Their All in Bank In the crowd were scores of de+ positors. Several of them were women, who declared all they had was in the bank. The men were of the working class. The bank was both a commercial and a savings institution, about $500,000 of the $1,600,000 deposits being in savings accounts, Run on the Bank The immediate cause of the bank's failure was a run on it which followed the closing up of the Broadway State bank earlier this month. The Northern Bank and Trust Co. did the clearing house business for the Broadway State bank, the latter not being a member of the Clearing House association. This connection had its influence, and immediately after the Broadway bank closed its doors. depositors began withdrawing their money from the Northern. It is claimed that the bank's chief difficulty arose out of a loan made to Baron Alvo Von Sleven, who is said to have handled the German emperΓ³r's investments, both in this country and in Canada. The baron made a large initial investment in the Issaquah Coal Co., taking over the entire property. A mortgage was given by him on it, and a loan secured from the Northern bank. The war came on, and the German interests were unable to take up the mortgage, and the bank, while becoming owner of the mine, was unable to convert it into liquid assets. The Northern Bank & Trust Co. has one of the best locations in the city, it is claimed, and another bank has already offered $75,000 for its lease. Both the Northern Bank & Trust Co. and the Broadway State bank, which failed in the same month, were organized a few years ago by W. Phillips, who is charged with making some of the loans that eventually forced the closing of the banks. Phillips is now, in New York city, The officers of the bank are: W. L. Collier, president; Gerald Frink, vice president: W. G. Hall, vice president; C. B. Sandefer, cashier
7.January 30, 1917The Daily Progressive-MinerKetchikan, AK
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Article Text
NORTHERN BANK AND TRUST CO. OF SEATTLE ORDERED SHUT Had Been a Run on The Institution For Several Days, The State Examiner Steps In. SEATTLE, Jan. 30.-The Northern Bank and Trust Company, with deposits of over a million and a half dol. lars, was ordered closed this morn. ing by the state examiner who has been investigating the run on the institution the last few days. The run on the bank is said to be due to the fact that the President and other stoekhelder's were largely interested in the Breadway State Bank which closed its door# A shoft time ago. From those who claim to be informed of the condition of the bank, it is leared that it can meet with all its obligations in due time.
8.January 30, 1917Rogue River CourierGrants Pass, OR
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RUN ON BANK IS CAUSE OF FAILURE Seattle, Jan. 30.-The Northern Bank and Trust company, at Pike street and West Lake avenue, failed to open its doors at 10 o'clock this morning. The bank's liabilities are $1,600,000; assets, $1,100,000. The failure of the bank was anticipated following an examination of its affairs by the state bank examiner Monday night. The Northern Bank and Trust company did the clearing house business for the Broadway State bank, and when the latter failed recently, a run was practically started on the Northern bank. The withdrawals were steady, and Monday night the bank examiner decided to close the doors. The cause of the failure is said to be slow return on loans, some made previous to the European war, to German interests. Both the Northern Bank and Trust company and the Broadway State bank were organized several years ago by W. Phillips, who is charged with making loans that eventually forced the closing of the banks. Phillips is in New York City at present. The Northern bank has one of the best locations in the city. It is announced another bank already has offered $75,000 for its lease.
9.January 30, 1917The Tacoma TimesTacoma, WA
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SEATTLE BANK CLOSES DOORS (United Press Leased Wire.) SEATTLE, Jan. 30-The Northern Bank & Trust Co., at Pike st. and Westlake avenue, failed to open its doors at 10 o'clock this morning. The bank's liabilities are $1,600,000; assets, $1,100,000. The failure of the bank was anticipated following an examination of the affairs of the concern by the state bank examiner, Monday night. The Northern Bank & Trust Co. did the clearing-house business for the Broadway State Bank, and when the latter failed recently a run was practically started on the Northern bank. The withdrawals were steady, and Monday night the bank examiner decided to close the doors. The cause of the failure is said to be slow returns on loans, some made previous to the European war, to German interests. Both the Northern Bank & Trust Co. and the Broadway State bank were organized several years ago by W. Phillips, who is charged with making loans that eventually forced the closing of the banks. Phillips, for a time in Tacoma, is in New York city at present.
10.January 30, 1917Daily Capital JournalSalem, OR
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Seattle Bank Failure Due to German Loans Scattle, Wash., Jan. 30.-The Northern Bank and Trust company, at Pike street and Westlake avenue, failed to open its doors at 10 o'elΕck this morn ing. The bank's liabilities are $1,600,000: assets $1,100,000. The failure of the bank was anticipated following an examination of the affairs of the concern by the state bank examiner Monday night. The Northern Bank and Trust company did the clearing house business for the Broadway State Bank, and when the latter failed recently, a run was practically started on the Northern bank. The withdrawals were steady, and Monday night the bank examiner decided to close the doors. The cause of the failure is said to be a slow return on loans, some made previous to the European war, to German interests. Both the Northern bank and Trust company, and the Broadway State bank were organized several years ago by W. Phillips who is charged with making loans that eventually forced the closing of the banks. Phillips is in New York city at present. The Northern Bank and Trust company has one of the best locations in the city. It is announced another bank has already offered $75,000 for its lease.
11.January 31, 1917The Daily AlaskanSkagway, AK
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of Seattle, Jan. 31-As a result the failure of the Northern Bank and Trust Company yesterday, depositors in great numbers demanded their money at all banks in this city with the exception of three of the largest National Banks. The run was most persistent on the savings institution, and when it was learned that the German American bank had failed to open its doors this morning, the excitment around the other banks grew intense. In anticipation of a feeling of unrest which might be made manifest this morning a great many of the banks were prepared with vast
12.January 31, 1917The Daily AlaskanSkagway, AK
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DEPOSITORS BECOME PANICKY AND DEMAND MONEY FROM BANKS Run Begins When Institutions Open Three Big Doors For Day's Business German-American Banks Exempt Fails to Open Today After Hard Run of amounts of gold, silver and currency Seattle, Jan. 31-As a result OIL their counters when they opened the failure of the Northern Bank all for the day's business, and and Trust Company yesterday, dedemands were met without any hesipositors in great numbers demanded tation on the part of the paying tell their money at all banks in this ers. city with the exception of three of The Seattle Clearing house gave the largest National Banks. all The run was most persistent on notice that it would assist solvent banks in meeting the dethe savings institution, and when it mands of their depositors, whethwas learned that the German Amer they were members of the assoerican bank had failed to open its doors this morning, the excitment ciatien or not. The advice does not state whetharound the other banks grew iner OT not the German American tense. In anticipation of a feeling of bank will re-open, but owing to the unrest which might be made mani- run which was made on that infest this morning a great many of stitution all day yesterday its doors the banks were prepared with vast were no+ opened this morning.
13.January 31, 1917The Washington HeraldWashington, DC
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Failure of Seattle Bank Starts 'Runs' on 2 Houses Seattle, Jan. 30.-A heavy run on the German-American Mercantile Bank commenced this afternoon, following the failure of the Northern Bank and Trust Company and the run on the Peoples' Saving Bank. Officials of the bank have posted a notice about the savings deposit windows that no demands will be met in that department unless noticè is given. A small run has also commenced on the Fremont State Bank, a city suburb. Sheriffs and officers in plain clothes have been placed in all banks where difficulties are expected.
14.January 31, 1917The Alaska Daily EmpireJuneau, AK
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SEATTLE, Jan. 31.-Two more banks, following the run which was started yesterday when the Northern Bank and Trust Company's institution was forced to close its doors. failed to open their doors this morning. The two banks suspending this morning were the German-American bank, at the corner of Marion street and Second avenue. in the Marion block, and the Fremont State Bank, at Fremont. Charles E. Remsberg and A. E. Dixon, being the bankers. Every bank in Seattle. except the three National banks, were again experiencing runs today. The runs are most persistent on the savings institutions. At noon today the Clearing House Association gave notice that all solvent banks, whether members of the association or not would be assisted. At 1:30 o'clock this afternoon cash assistance was tendered to the Seattle financial institutions by out. side banks in case any was needed. The Clearing House Association officials announced that three million dollars from various sources have been offered for the relief of the local banks if this amount is needed. Late this afternoon. just before the closing hours of the banks it was stated that there is sufficient reserve in the banks to undoubtedly meet all cash withdrawals.
15.January 31, 1917Elko IndependentElko, NV
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SEATTLE BANK FAILS LARGE RUN ON ANOTHER SEATTLE, Jan. 31.-The GermanAmerican Mercantile bank went into the hands of the state bank examiner following a heavy run on the institution today. A large run was commenced also on the Scandinavian American bank. The trouble was caused by the failure of the Northern Bank and Trust company yesterday. All the banks of Seattle are hard pressed. The federal reserve bank of San Francisco has offered aid to the banks which are members of the reserve.
16.January 31, 1917The Tacoma TimesTacoma, WA
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(Special to The Times.) SEATTLE, Jan. 31.-Big policemen stood in the doors of the Northern Bank & Trust Co. and faced a mass of bewildered humanity Tuesday morning. News that the institution had failed traveled fast by phone. Before the time for opening, at 10 a. m., men, women and girls had flocked there. The first few waited silently-expectantly. Then a young man on the inside posted notices, written in ink on bank stationery, in each window and on the doors. Read Fatal Notices. There was a sudden surge to read them. "Closed-This Bank in the Hands of State Examiners." Some laughed. Others muttered. Old women, gray-haired, clung hopefully to their places. It was cold and their lips got blue. "Is it any use to wait"" one of them asked a policeman. "I guess not, lady," he answered. She wormed her way out. They Read-and Depart. There were dozens like her-old and confused. Young women, evidently married, hurried to the edge of the crowd, craned their necks, and then jammed to the front, only to read the notices and depart. Those who had been there first and finally learned that it was too late to rescue their savings went away. They had prepared to participate in the final rush "run." No use. The place was closed. Got Christmas Card. "I got a Christmas card from
17.February 1, 1917El Nuevo MexicanoSanta Fe., Santa Fe, NM
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RESERVE BANK TO RESCUE WITH OFFER OF $68,000,000 Ample Aid Promised to Seattle; Another One Closes Doors (By Leased Wire to New Mexican) San Francisco, Calif., Jan. 31.Sixty-eight million dollars was offered today by the Federal Reserve Bank of San Francisco to its six member national banks in Seattle, in case they should need it, in connection with bank failures there yesterday and today. Seattle, Wash., Jan. 31.-The German-American Mercantile Bank did not open for business today. A line of three hundred persons gathered at the bank before 10 a. m. At that time notices were posted that the bank was in the hands of the state hank examiners. The German-American Bank is capitalized at $100,000. Several hundred persons assembled in a line in front of the People's Savings Bank before the doors opèned this morning and when the institution started the day's business depositors desiring their money were paid as rapidly as possible. The People's Savings Bank is said to be one of the strongest banks in the Pacific Northwest and bankers attributed the run due to the fact that it is located near the Northern Bank and Trust company which closed yesterday. All other banks paid depositors as they appeared and there were no street lines except at the People's Bank. The clearing house issued a statement, saying: "The present disturbance is not a legitimate cause for alarm."
18.February 8, 1917Mexico Weekly LedgerMexico, MO
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FINANCIAL SUCCESS A SECOND bank in Seattle closed late Wednesday. The German-American Mercantile Bank was the institution, while Tuesday the Northern Bank & Trust Co. suffered a devastating run. The First National Bank, of Seattle, of which Morris Arnold, a former Mexico boy is president, is one of the strongest institutions of its kind in this country, and the failure of two banks in that city has materially aided the First National in that its unquestionable stability has brought it new depositors during the present unfortunate financial conditions in that city. The First National of Seattle, of which D. H. Moss, who married Miss Anna Bell Arnold, is cashier, has deposits, according to its last statement, of $6,897,742.23, while its capital stock is only $400,000. Its surplus and undivided profits are $262,242.94. Mr. Arnold, who received his banking experience under his father, R. R. Arnold, who recently died in Florida, while President of the Mexico First National Bank, is one of the most capable and successful young bankers in America. His-financial success, according to his own statement, is due to the careful training he received under the direction of his father.
19.August 29, 1917Evening JournalWilmington, DE
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FRENZIED FINANCIER HELD AS SUPER SPY Staff Special SEATTLE, Wash., Aug. 29,-Lieutenant Alvo von Alvensleben is a name for German black magic in the Pacific northwest, Held under arrest here on orders from Washington, he will be interned at some interior prison camp. If half the charges now circling his head are true, Lieut, von Alvensleben is one of the most remarkable men yet enmeshed in the drag of the government spy net. Whether or not he is the high secret servant of the Kaiser in war in trigues in western Canada and the United States, his Wallingfordesque career in finance of recent years has left a blazing trail in this northwest country. Here are some of the interesting Von Alvensleben episodes developed from various sources since his arrest: Accused by Canadian officials of plotting before the war to become governor of British Columbia by popu'arizing himself with the voters, thus gaining a vast power to be used secretly in the interests of Germany LIEUTENANT VON ALVENSLEBEN Declared to be the Kaiser's per sonal representative in coal land taining a secret rendezvous near the deals in British Columbia, Bremerton Navy Yards in Puget Manipulated financial transactions Sound, having access to a secret wire. running into millions, less station relaying information to Credited by state bank examiner Germany, with being cause of failure of NorthLieut. von Alvensleben is said to ern Bank and Trust Co., here recent- belong to one of the oldest families ly, having borrowed huge sums on in Germany He admits that he was non-producing coal lands, a former lleutenant in the German Canadian officials declare he owed army but declares his connection with the Dominion Trust Co., of Vancouv- the Kaiser's military machine ceased er, B. C., $1,250,000 at the time that on his resignation before the war. He institution collapsed. His failure to denies any complicity in espionage meet his obligations is given as the operations and says his commercial cause of the company's fall. interests will be ruined by his internSaid to be a member of a German ment. organization in the northwest main- His wife is an English woman.
20.March 12, 1918The Nome Daily NuggetNome, AK
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Local parties who were involved in the failure of the Northern Bank and Trust Company. of Seattle. last year. were agrecably surprised to receive checks from the receivers on yesterday's mail for twenty percent of the amount due them as depositors at the To time the institution was closed add still further to their gratification, the checks were accompanied by a statement to the effect that the twenty per cent payment was only the first dividend and additional reimbursement may be expected
21.November 15, 1922The Seattle StarSeattle, WA
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# What Is Bank Dept. Doing?
Editor The Star:
More than five years have elapsed since the failure of the Northern Bank & Trust Co. The depositors have received an aggregate of 40 per cent of the amount of their claims. The last dividend, No. 8, was paid August 1, 1920, amounting to 10 per cent, and since that date nothing has been paid. No report has been made of the assets in the hands of the bank commissioner. He must have had some cash belonging to the depositors in order to pay his help, office rent and other expenses during more than two years since we received the last dividend.
Of course, the sooner he closes up the affairs of this busted bank the sooner some of the people now on his payroll will have to hunt for other jobs, but we cannot help but wonder what work the office force we are paying salaries to is doing all these years on the Northern Bank affairs.
Would it not be fair for the bank examiner to make a report in detail showing us the exact amounts he has paid out of our funds for attorney's fees, office rent, salaries, and other expenses? Before we had a bank commissioner, failures of banks were handled by the courts thru receivers and they were obliged to make an annual report to the creditors. Can't we get such a report from a public official who is handling our money and won't let us know anything about it?
Respectfully,
PETER MANTEHES.
2218 First ave. W.
22.August 25, 1923The Seattle StarSeattle, WA
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Editor The Star:
Sir, I have a faint recollection that many years ago there was some sort of a bankβI think, if my memory serves me right, it was called "The Northern Bank & Trust Co."βsomewhere about the corner of Fourth ave. and Pike st., where some of us, when we were young fellows doing our best to save a little money for our old age, systematically placed it there for safe keeping, and also with an eye to business on a small but strictly honest scale, to have a little interest added. Most of us sorely regret that we were not so wise as the foolish virgins of old, as to hide it under a bushel. If so, we might have had more of it today, for, apart from one or two trifling payments made long ago, the rest of it is seemingly to be very safely kept from us.
It runs in my mind that someone was sent to jail for dishonesty in connection with its management before its doors were closed by state officialdom. But as time goes on, are we to be driven to the conclusion that its management, or mis-
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
