Accommodated withdrawals, Public signal of financial health, Full suspension, Books examined
Receivership Details
Depositor recovery rate
39.0%
Date receivership started
1895-12-05
Date receivership terminated
1901-03-25
OCC cause of failure
Losses
Share of assets assessed as good
12.4%
Share of assets assessed as doubtful
69.3%
Share of assets assessed as worthless
18.3%
Description
Articles describe heavy withdrawals and a run precipitated by general distrust after recent Tacoma bank failures and by circulating false statements; directors closed/suspended the bank Nov 4–5, 1895, and the Comptroller appointed a receiver (Joseph B. Dawson) Dec 5, 1895. Dividends declared May 17, 1896 indicate liquidation. Sequence: run → suspension → receivership/closure.
Events (6)
1.February 7, 1889Chartered
Source
historical_nic
2.November 4, 1895Run
Cause
Local Banks
Cause Details
Heavy withdrawals and general distrust following recent Tacoma bank troubles; also circulation of false statements about the bank's condition; immediate pressure from county treasurer's demand.
Measures
Directors posted notice of closing and suspended operations; bank closed by authority of board of directors.
Newspaper Excerpt
Due to recent heavy withdrawals and demands this bank is, by authority of its board of directors, hereby closed.
Source
newspapers
3.November 5, 1895Suspension
Cause
Local Banks
Cause Details
Suspension attributed to steady withdrawals and a general feeling of distrust since recent Tacoma bank troubles; inability to meet the county treasurer's immediate demand for county funds precipitated the directors' decision to suspend.
Newspaper Excerpt
The Bellingham Bay National Bank has closed its doors, suspension being decided upon after a conference with the directors yesterday.
Source
newspapers
4.December 5, 1895Receivership
Source
historical_nic
5.December 5, 1895Receivership
Newspaper Excerpt
The comptroller of the currency has appointed Joseph B. Dawson as receiver of the Bellingham Bay National bank of New Whatcom, Wash.
Source
newspapers
6.May 17, 1896Other
Newspaper Excerpt
Comptroller Eckels has declared a first dividend, 15 percent, in favor of the creditors of the Bellingham Bay National bank of New Whatcom, Wash., on claims proved amounting to $64,325.20.
Source
newspapers
Newspaper Articles (20)
1.November 1, 1895Marshall County IndependentPlymouth, IN
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Two Banks Go Down. The Bellingham Bay, Wash., National Bank has closed its doors by order of the directors, being unable to meet the county treasurer's demand for the county's deposit. The cashier reports the liabilities approximately at $105,000, of which $77.000 is due depositors. The suspension of the Bellingham Bay National Bank precipitated a run on the Bennett National Bank. The directors held a meeting and adopted a resolution not to open and directing the president to wire the comptroller of the currency to place the bank in the hands of the examiner.
2.November 5, 1895The Seattle Post-IntelligencerSeattle, WA
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TWO WHATCOMBANKS Bellingham Bay and Bennett National Stop Business. FORCED BY LOSS OF DEPOSITS Bennett National Holds Chattel Mortgage on Tacoma "Ledger"-Tacoma Hotel Stock Hypothecated. Whatcom. Nov. 4-Special-The following notice was posted at the entrance of the Bellingham Bay National bank shortly after 10 o'clock this morning: "Due to recent heavy withdrawals and demands this bank is, by authority of its board of directors, hereby closed. James W. Morgan, President." President James W. Morgan said to the Post-Intelligencer reporter: "The general cause of the closing is the recent withdrawals and heavy demands of depositors, coupled with a falling off of deposits. Since the closing of the Tacoma banks there has seemed to be a gradual and steady shrinkage of business, which was probablv due in a measure to the general unrest of the people caused by the Tacoma troubles, and also is directly traceable to a long-continued and concerted action on the part of certain persons here to close the bank, from pure malice, by circulating false statements about its condition. The immediate cause was the demand of the county treasurer this morning for the county funds on deposit with us. which deposit was secured by a good and sufficient bond, as required by law. and as we were not in condition to comply with the demand on such short notice we had no recourse but to take the action stated." Cashier Charles Donovan stated this evening that the Habinties are $77,000 to depositors and $28,000 to banks, a total of $105,000, and the total assets $187,000. The officers declined to give the amount of the county's deposit, but it is said to have been less than $7,000, and it is secured not only by bond but by a mortgage for $35,000 recorded this morning. The city has a small balance there. but the treasurer was unable to say this morning just how much. but it is only a few hundred dollars. During the panic of 1893 the bank was obliged to suspend on the 29th of July, and it remained in the charge of an examiner until January 9, 1894. when it was reopened by means of extensions granted by the depositirs and money raised by the directors on their own personal security, independent of the bank's assets. Mr. Morgan especially labored very hard to get the bank open, and he has struggled manfully for nearly two years against adverse conditions to keep it open. As soon as the suspension of the Bellingham Bay National bank became known, a quiet but steady run was begun on the Bennett National, which has done the best banking business on the bay since removing here from Fairhaven in 1893. The county treasurer withdrew nearly $4,000 of county funds and the city treasurer about $1,000. and there was a steady demand from smaller depositors until shortly after 1 o'clock, when creditors were asked to await the arrival of the Great Northern train from Seattle. It was half an hour late. but brought by express several thousand dollars. with which payments were resumed and leisurely continued until the closing hour, 3 o'clock. Some of the larger depositors were in-
3.November 5, 1895The Evening TimesWashington, DC
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Could Not Recover. New whatcom, Wash., Nov. 5.-The BellIngham Bay National Bank has closed its doors, suspension being decided upon after a conference with the directors yesterday. The bank failed during the financial crisis two years ago, but resumed operations a few months later.
4.November 5, 1895The San Francisco CallSan Francisco, CA
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Bank Failure at Whateom. SEATTLE, WASH., Nov. 4.-The Bellingham Bay National Bank of Whatcom closed its doors to-day. The suspension was decided upon after a conference of directors. During the great panic the bank failed, but resumed payment some months later.
TWO BANKS CHOSED, A Tacoma Failure Causes Trouble for New Whatcom Institutions. New WHATCOM, WASH., Nov. 5.-The Beilingham Bay National Bank has closed its doors by order of the directors, being unable to meet the county treasurer's demand for the county de. posit. The cashier reports the liabilities approximately at $103,000, of which $77,000 is due depositors. The assets are $187,000. President Morgan says the suspension is due to a steady withdrawal of deposits and a general feeling of distrust since the recent Tacoma bank troubles. The suspension of the Bellingham Bay National Bank precipitated a run on the Bennett National Bank, which continued until the close of banking hours. The directors held a meeting and adopted a resolution not to open this morning, and directing the president to wire the controller of the currency to place the bank in the hands of the examiner. The directors say that within thirty days sufficient assets can be realized on to settle with all creditors.
6.November 6, 1895The Seattle Post-IntelligencerSeattle, WA
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WHATCOM IS QUIET. The Depositors of One Bank Agree Upon a Receiver. GEORGE W. BOGGS STILL IN JAIL Port Angeles Bank Failure to Be Investigated - Ex-Treasurer Clump's New Trial. Whatcom, Nov. 5.-Special.-Hank Examiner Carson has been directed to take charge of the Bennett National bank, 68 well as the Bellingham Bay National. One hundred and three depositors of the latter held a meeting this afternoon, and adopted resolutions urging Comptroller Eckels to appoint a local receiver, and recommend1ng J. B. Dawson, a prominent young abstractor and attorney, who was the Democratic candidate for county clerk last year. Other candidates were E. J. Hill, O. P. Brown and I. N. Maxwell. The indorsement of Dawson after several ballots was made unanimous. Those present represented about two-thirds of the total deposits. Yesterday's bank suspensions are the chief topic of discussion on all sides. There can hardly be said to be much excitement, for the people are very quiet and are, on the whole, fully as cheerful as could reasonably be expected. During the run on the Bennett bank yesterday there was no tumult or confusion among the people who called for their money-simply a quiet determination to get It If possible. The officers, taken as they were in a large measure by surprise, were visibly nervous and anxious, and their attitude served rather to heighten the feeling of distrust than to allay It. It transpires that the directors of the Bellingham Bay National bank held a meeting Sunday and decided to post a notice of suspension Monday morning, If the county treasurer made a demand for the county money, as he had told them on Friday or Saturday that he would do. They did not, however, give the other banks any notice of this intention on their part, and the Bennett National, just across the street, knew nothing of the closing until fifteen or twenty minutes or more after the notice had been posted, and when their doors had been open for business for half an hour or more. They had on hand considerably more than the minimum reserve fund required by law, but were in no condition to stand the run which began quietly just AS soon as the news of the first suspension became public. On the 28th of September the Bennett National reported total deposits of $117,849.25. of which $55,951.66 was virtually on hand, $17,895.70 of it in cash, $37,493.46 due from banks and $062.50 due from the United States treasury. But since the recent Tacoma bank troubles began and Nelson Bennett's personal money difficulties became a matter of public record, distrust has been steadily growing, and $20,000 had been withdrawn when the bank opened yesterday. Withdrawals during the day amounted to $23,000. or $19,000 more than the deposits. The bank has been handling a good deal of shingle paper, and is said to have about $35,000 still Invested that it can realize upon in thirty to sixty days, and its present balance in the hands of various banks is reported at about $20,000. It has been doing a good business and has been generally regarded as safe. The amount now due depositors is about $80,000.
7.November 6, 1895The Indianapolis JournalIndianapolis, IN
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unable to meet the county treasurer's demand for the county's deposit. The cashier reports the liabilities approximately at $105,000, of which $77,000 is due depositors. The assets are $187,000. President Morgan says the suspension is due to a steady withdrawal of deposits and general feeling of distrust since the recent Tacoma Bank troubles. The suspension of the Bellingham Bay National Bank precipitated a run on the Bennett National Bank, which continued until the close of banking hours. The directors held a meeting and adopted a resolution not to open this morning, and directing the president to wire the Controller of the Currency to place the bank in the hands of the examiner.
8.November 7, 1895The Seattle Post-IntelligencerSeattle, WA
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The Whatcom Bank Receiverships. Whatcom, Nov. 6. -Special.-At the meeting of the depositors in the Bellingham Bay National bank yesterday, representing about two-thirds of the total deposits, the following resolutions were adopted: "Whereas, The experience of the bank depositors of New Whatcom with receivers appointed from non-residents has been very unsatisfactory in the past, and whereas, the Bellingham Bay National bank has recently failed: therefore be it resolved by a meeting of the depositors of said bank, held November 5, after due notice to all concerned, that we indorse the appointment of a resident of Whatcom county to the position of receiver of said bank, and respectifully petition the comptroller to appoint such a resident for the following reasons: "An outside receiver meas the employment of outside attorneys and the corresponding increase la all expenses in liquidating the bank. A local receiver would be, under the circumstances. better qualified to cope with the affairs of the bank. the securities held by the same, and to realize for the depositors. And we would most earnestly request that as we are the par ties most interested in this matter, that our wishes as to a local appointment recelve your careful consideration." E. J. Hin, one of the capdidates for the receivership end the Whatcom member of the state Democratic committee, made a brief but emphatic speech opposing the resolution in general as reflecting upon the judgement and good faith of Comptroller Eckels, but the depositors were in no mood for the consideration of questions of sentiment or of other than what they deemed the practical and substantial facts of the condition confronting them, and the resolution was promptly rushed through. The resolution has special reference to the receivership of George B. Blancharl, of Tacoma, of the Columbia National and First National, of this city, which suspended during the panic of 1893. He was also in charge, as examiner, of the Bellingham Bay National until It resumed. The others have not resumed, and there is no likeWhood that they ever will, and the experience of their creditors with Mr. Blanchand is milly referred to in the resolutions as "very unsatisfactory." Yet there is a report current now that he has been appointed receiver of the Bellingham Bay National.
9.November 7, 1895Birmingham State HeraldBirmingham, AL
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A Bank Failure. New Whatcom, Wash., Nov. 6.-The failure of the Bellingham Bay National bank Monday resulted in the suspension of the Bennett National bank yesterday morning, leaving only one other banking concern in the city. Nelson Bennett of the Tacoma Ledger is the heaviest stockholder in the institution.
10.November 9, 1895Spirit of the AgeWoodstock, VT
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TWO BANKS CLOSE DOORS. Suspension of One in Washington State Causes a Run on Another. NEW WHATCOM, Wash., Nov, 7-The Bellingham Bay National Bank has closed its doors by order of the directors, being unable to meet the county treasurer's demand for the county's deposit. No statement of assets and liabilities has yet been given out. The cashier reports the liabilities approximately at $105,000, of which *77.000 is due depositors. The assets are $187,000. President Morgan says the suspension is due to a steady withdrawal of deposits and a general feeling of distrust.since the recent Tacoma Bank trouble. The suspension of the Bellingbam Bay National Bank precipitated a run on the Bennett National Bank, which continued until the close of banking hours. The directors had a meeting and adopted a resolution not to open.
11.November 13, 1895Watertown RepublicanWatertown, WI
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facturers of Lynn, Mass., have assigned to Charles Leighton, attorney. The liabilities are about $20,000, assets unknown. The assignment is said to be due to hard times and the price of leather. -The shareholders and creditors of the manufacturing jewelry firm of the Kent & Stanley company of Providence, R. I., which failed about a year ago with liabilities of over $1,000,000, have come to an agreement and that the company will be reorganized. -Garret P. Sewell and Jane N. Robertson eloped from Bethlehem, Henry county, Ky., and were married by Magistrate Hause at Jeffersonville, Ind. The bride is the youngest daughter of a family of twenty-one children-ten boys and eleven girls-all of whom have been married by Magistrate Hause within three years. -The national convention committee of the Business Men's league of St. Louis, in connection with the mayor of the city and governor of the state, have resolved to appoint a committee of twenty-five prominent citizens to go to Washington December 10, to press the claims of St. Louis for the Republican convention in 1896. -Robert Brown commenced suit at St. Joseph, Mich., on a writ of capias ad respondendum against Samuel Miners, a retired and wealthy merchant, for $5000 damages for alienating the affections of his wife and breaking up his family. Both parties are high in society circles, and this action is the talk of the city. Miners furnished bail in the sum of $2000. -The Canadian premier, Sir Mackenzie Bowell, says that there is not a word of truth in the reports of Canada sending an armed force into Alaska. "We have sent twenty mounted policemen," he said, "to the Yukon country on the Canadian side for the sole purpose of keeping peace and order and collecting customs duties, as there is no collector of customs there. -The Muncie (Ind.) police captured a stylishly-dressed young man who was trying to enter the residence of C. A. Copper. The robber proved to be Charles W. Linn, son of a retired millowner in Indianapolis. He has resided in Muncie two years. He married a prominent Muncie young lady a year ago. Hundreds of dollars' worth of diamonds and jewelry were found on Linn and at his home. He confessed to more than a dozen burglaries. Over 100 doorkeys were found on him also. -The Bellingham Bay (Wash.) National bank has suspended as a result of the Tacoma bank troubles. -Every colliery in the Lehigh (Pa.) region which was forced to shut down on account of drouth has resumed work. -Richard Barnett, a Lake Shore & Michigan Southern conductor, was shot by train robbers who lay in ambush. His wounds are serious. -Col. A. L. Rives, until his recent resignation general superintendent of the Panama railway, leaves for New York after eight years on the isthmus. -Suits have been filed against the New Orleans Brewing association by the New Orleans State National bank for $21,000 and the Metropolitan bank for $113,000. -The British ship Indian Empire reports, upon its arrival at Callao, encountering a severe storm in which 100 tons of coal were jettisoned and the ship dismantled. -The Parliamentary party in Salvador has issued an invitation to the Latin-American countries to assist in the formation of an international commercial league against Europe. -C. P. Huntington of San Francisco expects in a week or two to make a trip to the City of Mexico. His Mexican Na-
12.December 6, 1895The Daily Morning AstorianAstoria, OR
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RECEIVER APPOINTED. Washington, Dec. 5.-The controller of the currency has appointed Joseph B. Dawson, receiver of the Bellingham Bay National Bank, of New Whatcom, Wash.
A Receiver Appointed. Washington, Dec. 5.-The comptroller of the currency has appointed Joseph B. Dawson as receiver of the Bellingham Bay National bank of New Whatcom, Wash.
14.December 6, 1895The Salt Lake HeraldSalt Lake City, UT
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DOMESTIC DOTS. Telegraph News from All Parts of the Land Over Which the Stare and Stripes Wave. 1 WASHINGTON.-The comptroller of the currency has appointed Joseph B. Dawson as receiver of the Bellingham Bay National bank of Whatcom, Wash.
15.December 12, 1895The Seattle Post-IntelligencerSeattle, WA
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Bellingham Bay News. Whatcom, Dec. 11.-Special.-City Treasurer Van Wyck has about $1,800 of city money tied up in the suspended Bellingham Bay National bank, and a small balance in the Bennett National, and has made a proposition to the council to mortgage his property to secure the city and obtain the release of his bondsmen. The city has never had a more competent or popular treasurer, or one in whom more confidence is felt. It is said that another change in the management of the Fairhaven WorldHerald is likely to be made about January 1.
16.May 1, 1896The Seattle Post-IntelligencerSeattle, WA
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PERSONAL. Dr. J. A. Beebe, of Tacoma, is staying at the Stevens. P. S. Cook, a cannery man of Anacortes, is at the Stevens. Mr. and Mrs. F. H. Brownell, of Everett. are at the Rainier-Grand. J. A. McDonald, an Anacortes real estate broker. is at the Diller. J. H. Parker, a shingle manufacturer of Deming, is at the Northern. Mr. and Mrs. A. D. Clement, of Centralia, are staying at the Northern. Mrs. Benjamin Colby left last night for Boston, where she will spend the summer. J. B. Dawson, receiver of the Bellingham Bay National bank, at New Whatcom, is at the Butler. J. H. Bloedel, manager of the Blue Canvon Coal Company at New Whatcom, IS at the Butler. W. H. Broome, agent of the Great Northern at Everett, is at the Northern, accompanted by his wife. George W. Tibbetts, the pioneer of North Bend, and the owner of a creamery there, is at the Diller. Capt. C. L. Hooper, of the United States revenue cutter service, and Miss Hooper, are guests of the Butler. R. C. Stevens, general Western passenger agent of the Great Northern, returned yesterday from a visit to Vancouver and Victoria. Albert A. Burleigh, president of the Bangor & Aroostook Railroad Company, accompanied by his wife and daughter, is registered at the Butler, from Houlton, Me. A. M. Dadien, the restaurant man, who went to Cripple Creek a short time ago to go into business there, returned yesterday. Mr. Cadien says Seattle is good enough for him. He left there before the big fires had nearly wiped the town out of existence.
17.May 21, 1896Lincoln County LeaderToledo, OR
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Two bears were killed near Sealand last week. Work is to begin at once upon a speed track for Port Townsend. Waitsburg expects the largest strawberry crop this year in its history. Hog cholera in a mild form is prevalent in the west side of the Kittitas valley. E. G. Grindrod, of Kittitas county, is experimenting in the cultivation of the Australian salt bush plant. Mandamus proceedings have been begun against the city treasurer of Port Townsend to compel him to use the cash on hand to pay old warrants outstanding. The Auburn Argus says it is safe to say that not one-quarter of the hop acreage will be cultivated this year in the Green river district. as compared with former years. Mrs. Dulcinea Ridgeway died in Buckley May 12, at the age of 76. She came to Oregon with her husband in 1852, and settled near Lebanon, where most of her life was spent. C. Staser, chairman of the Adams County Immigration Association, has opened a correspondence with a view to securing for that county a colony of Dunkards, who contemplate coming to Washington from Indiana. The case of leprosy that has been discovered in Seattle is a puzzling one. It is hard to know whether the expense attendant upon the matter should be borne by the state or the county, and not very easy to decide what shall be done with the man. There is a lazaretto in British Columbia, maintained by the Dominion government. Possibly the institution would receive the unfortunate man if application were made. In that event Washington state would have to stand the expense. The Boundary Mining and Investment Company has been incorporated, with headquarters at Spokane. The capital stock is $50,000, and the purpose is to operate mining properties in the United States and British Columbia. The American Lake road was sold last week in Tacoma to Robert Wingate by Receiver Ellis for $8,400. The road was originally built as the terminus of the Union Pacific line in Tacoma. It will be equipped electrically, and run as a suburban line. The deposit of the Whatcom county treasurer in the defunct Bellingham Bay National bank was secured by a $25,000 bond, and by a first mortgage on the bank building, valued at $60,000, which, by the way, is the amount of the capital stock of the bank. It is expected, if present arrangements are carried out, that the cannery at Blaine will be well under construction, if not completed, by the 1st day of June next. The cannery will have a capacity of at least 500 cases per day, utilizing two retorts and other paraphernalia for a cannery of this capacity. The Hugh Gillighan will case, set for hearing before Judge Arthur at Spokane, was continued until June 8. Gillighan was the miner who died at Medical Lake and left $13,000 in the Cheney bank, with a memorandum for
18.May 22, 1896Idaho County Free PressGrangeville, ID
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Suspended Bank Dividends. Washington, May 17.-Comptroller Eckels has declared dividends as follows: A first dividend, 15 per cent, in favor of the creditors of the First National bank of South Bend, Wash., on claims proved amounting to $52,302.06. A first dividend, 15 per cent, in favor of the creditors of the Bellingham Bay National bank of New Whatcom, Wash., on claims proved amounting to $64,325.20.
19.May 23, 1896The Silver BladeRathdrum, ID
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Suspended Bank Dividends. Washington, May 17.-Comptroller Eckels has declared dividends as follows: A first dividend, 15 per cent, in favor of the creditors of the First National bank of South Bend, Wash., on claims proved amounting to $52,302.06. A first dividend, 15 per cent, in favor of the creditors of the Bellingham Bay National bank of New Whatcom, Wash., on claims proved amounting to $64,325.29.
20.May 23, 1896Pullman HeraldPullman, WA
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Suspended Bank Dividends. Washington, May 17.-Comptroller Eckels has declared dividends as follows: A first dividend, 15 per cent, in favor of the creditors of the First National bank of South Bend, Wash., on claims proved amounting to $52,302.06. A first dividend, 15 per cent, in favor of the creditors of the Bellingham Bay National bank of New Whatcom, Wash., on claims proved amounting to $64,325.29.
