Articles report a large withdrawal episode triggered by the closure of Puget Sound Savings & Loan (local bank shock). Washington Mutual paid all withdrawals and received $10,000,000 from New York; there is no mention of a suspension or permanent closure.
Events (1)
1.February 10, 1931Run
Cause
Local Banks
Cause Details
State bank examiner closed Puget Sound Savings & Loan Association, precipitating a run on Washington Mutual.
Measures
Paid all depositors seeking to withdraw in full; obtained $10,000,000 cash infusion from New York.
Newspaper Excerpt
The action taken against the concern precipitated a big run on the Washington Mutual Savings Bank and several smaller institutions. The Washington Mutual paid all seeking to draw out in full and the run on that bank is about over. ... It received $10,000,000 cash today from New York.
Source
newspapers
Newspaper Articles (2)
1.February 7, 1931The Kusko TimesTakotna, Tokotna, McGrath, AK
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Article Text
RUGET SOUND SAVINGS AND LOAN ASSOCIATON CLOSED BY BANK EXAMINER. RUN ON: WASHINGTON MUTUAL ENDS; CONCERN GETS TEN MILLIONS FROM EAST. SEATTLE, Feb. 10.-The Puget Sound Savings & Loan Association, with deposits of fourteen million dollars, closed Monday on orders from the state bank examiner. The institution is given twenty days in which. to straighten. out its affairs, following which the State will place the concern in the hands of receivers. In any event, claims of the conrern will eventually pay out 90 per rent or better. The action taken against the concern precipitated a big run on the Washington Mutual Savings Bank and several smaller institutions. The Washington Mutual paid all seeking to draw out in full and the run on that bank is about over. There was no flurry among the other regular banks whatever. The Washington Mutual Savings Bank has deposits of about $50,000,000.. It received $10,000,000 cash today from New York.
2.February 7, 1931The Kusko TimesMcGrath, AK
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Article Text
Big Seattle Institution Goes to Wall
RUGET SOUND SAVINGS AND
LOAN ASSOCIATON CLOSED
BY BANK EXAMINER.
RUN ON WASHINGTON MUTUAL
ENDS; CONCERN GETS TEN
MILLIONS FROM EAST.
SEATTLE, Feb. 10.-The Puget Sound Savings & Loan Association, with deposits of fourteen million dollars, closed Monday on orders from the state bank examiner. The institution is given twenty days in which to straighten out its affairs, following which the State will place the concern in the hands of receivers. In any event, claims of the conrern will eventually pay out 90 per rent or better. The action taken against the concern precipitated a big run on the Washington Mutual Savings Bank and several smaller institutions. The Washington Mutual paid all seeking to draw out in full and the run on that bank is about over. There was no flurry among the other regular banks whatever. The Washington Mutual Savings Bank has deposits of about $50,000,000. It received $10,000,000 cash today from New York.
