19446. State Savings Bank (Tacoma, WA)

Bank Information

Episode Type
Suspension โ†’ Closure
Bank Type
savings bank
Start Date
May 12, 1894
Location
Tacoma, Washington (47.253, -122.444)

Metadata

Model
gpt-5-mini
Short Digest
e64bc99d442b24cb

Response Measures

None

Description

Multiple contemporary newspapers (May 11โ€“13, 1894) report the State Savings Bank of Tacoma was closed by order of the superior court and J. S. Whitehouse appointed receiver at the instance of W. F. Reynolds, who had concluded the bank was insolvent. No contemporary article describes a depositor run prior to the court-ordered closing; the institution was suspended/placed in receivership and later involved in litigation over city warrants and alleged embezzlement by the ex-city treasurer.

Events (2)

1. May 12, 1894 Receivership
Newspaper Excerpt
J. S. Whitehouse has been appointed receiver (of the State Savings bank).
Source
newspapers
2. May 12, 1894 Suspension
Cause
Government Action
Cause Details
Closed by order of the superior court and placed in the hands of receiver J. S. Whitehouse at the instance of President W. F. Reynolds, who asserted the bank was insolvent.
Newspaper Excerpt
The State Savings bank has closed its doors on an order from the superior court. J. S. Whitehouse has been appointed receiver.
Source
newspapers

Newspaper Articles (16)

Article from The Herald, May 12, 1894

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CLOSED ITS DOORS. A Tacoma Bank in the Hands of a Receiver. TACOMA, May 11.-The State Savings bank closed its deors today on an order from the court. J.S. Whitehouse has been appointed receiver. This action was taken at the instance of W. F. Rey. nolds, the president, whose home is in Chicago. He arrived here two weeks age,and has been convinced that the institution is insolvent. He teek action without knowledge of other bank officials, who are very indignant and claim the bank is perfectly solvent. The city has $89,982 deposited in the institution. The total deposits are $104,040.99. The total assets are not known accurately, but the officials claim that they greatly exceed the liabilities. The bank is carrying over $156,000 worth of paper. The officials and stockhelders claim that President Reynolds was induced to take this action by a man who wanted to be appointed receiver, but who failed to get the plum. The bank is & minor institution.


Article from New-York Tribune, May 13, 1894

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RECEIVER FOR A TACOMA SAVINGS BANK. Tacoma, Wash., May 12.-W. F. Reynolds, a Chicago real estate man, yesterday placed the State Savings Bank, in this city, in the hands of a recelver on the ground that It was insolvent. Reynolds was made president of the bank ninety days ago, upon purchasing some of the stock. He had the books examined, and thus discovered the condition of the bank. The Lombard Investment Company, of Boston, was interested in the bank. The city has $89,982 deposited in the institution. The total deposits are $104,040 99. The total assets are not known accurately, but the officers declare that they greatly exceed the liabilities. The bank is carrying more than $156,000 worth of paper.


Article from The Washington Times, May 13, 1894

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Telegraphic Brevities. CHICAGO, May 13.-Judge Andrew S. Draper, of Cleveland, has accepted the presidency of the University of Illinois at Champaign. TACOMA, Wash, May 12-The State Savings bank has closed its doors on an order from the superior court. J. S. Whitehouse has been appointed receiver. STOUX CITY, Iowa, May 12.-A. H. Wheeler and C. H. Gama, of New York, have commenced suit here to establish their title to 19,460 acres of land in Lyon county, Iowa, against W. H. Goodrich, of New York, and others. HAMMOND, Ind., May 12-The Monon passenger train from Louisville, Ky., was wrecked three miles east from here at 9 o'clock this morning. Officers of the railroad reported that no one was killed, although some of the trainmen were seriously injured. CHICAGO, May 12.-Chinese Inspector M. B. Herely and Special Agent Charles S. Cran have selzed a large quantity of opium in a laundry on histy-ninth street. The prize consisted of 200 half-pound cans of the drug, which at the usual rate of $12 a pound, with duty, makes the find worth nearly $3,000 to government.


Article from St. Paul Daily Globe, May 13, 1894

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Tacoma Bank Closed. TACOMA, May 12.-The State Savings bank has closed its doors on an order from the superior court. Justice White has been appointed receiver. This action was taken at the instance of Mr. Reynolds, the president, whose home is in Chicago. He arrived here two weeks ago, and has become convinced


Article from The Madison Daily Leader, May 14, 1894

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NEWS CONDENSATIONS. It is rumored that Henry Irving is soon to be knighted. Total ship ments of gold from New York last week were $6,000,000. The armor of the monitor Monterey, built at San Francisco, is said to be disgracefully faulty. The works of the Akr m, Ohio, varnish works have burned to the ground. Two men are missing. Queen Victoria has commanded the periormance of the opera of "Faust" at Windsor castle this week. Corbett has been invited to visit Antwerp and to play before King Leopold of Belgium, who has expressed a desire to see him. Tip, the troublesome elephant at Central park, New York city, was killed by the authorities Friday. Poison was the route used. Kingmon, Luke & C. a Dundee firm largely interested in the jute trade, has failed. The liabilities are estimated at $350,000. A dispatch to the London Times from Buenos Ayres says commerce is paralyzed from the low price of products and the high gold premium. Three hundred striking miners from Carterville and Murphysboro, Ill., went to Muddy Valley and persuaded the coal miners at work there to quit. A divorce suit has been commenced here in which Viscount George Baring, eldest son of the Earl of Northbrooke (Thomas George B ring) is co-respondent. Colonel Robert P. Dechert, ex-city comptroller and comman ler of the First origade. National Gu rd of Pennsylvania, died at Philadelphia. He was 53 years of age. United States Senator Wolcott of Colorado sailed from New York Saturday for Europe. He goes away on account of ill health, and will probably be absent several months. The State savings bank, at Tacoma, has closed its doors on an order from the superior court. Justice White has been appointed receiver. Assets are not known accurately, but the officers claim that they exceed the liabilities. The Baroness Blanc is now living at the Hotel Normandie, Chicago, under the name of Mrs. Sherlay Onderdonk. The man to whom she claims to be married is H son of Andrew J. Onderdonk, the wealthy contractor of this city.


Article from Condon Globe, May 25, 1894

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TACOMA BANK CLOSED. The City Had Much Money on Deposit Therein. TACOMA.-The State Savings Bank has closed its doors on an order from the court. J. S. Whitehouse has been appointed receiver. This action was taken at the instance of W. F. Reynolds, the President, whose home is in Chicago. He arrived here two weeks ago, and has been convinced the institution is insolvent. He took action without the knowledge of the other bank officials, who are very indignant and claim the bank is perfectly solvent. The total deposits are $104,040. The total assets are not known accurately, but the officers claim that they greatly exceed the liabilities. The bank is carrying over $156,000 worth of paper. The officers and stockholders claim that President Reynolds was induced to take this action by a man who wanted to be appointed receiver, but who failed to get the plum. The bank is a minor institution, but this city has $89,982 on deposit there. City Treasurer McCauley said that he is not responsible for this money. He claims ex-Treasurer Boggs is the responsible one. The deadlock of the City Council has prevented any action from being taken on McCauley's bond; consequently he really did not have charge of the city's money taken in prior to his election.


Article from Pullman Herald, May 25, 1894

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TACOMA BANK CLOSED. The City Had Much Money on Deposit Therein. TACOMA.-The State Savings Bank has closed its doors on an order from the court. J.S. Whitehouse has been appointed receiver. This action was taken at the instance of W. F. Reynolds, the President, whose home is in Chicago. He arrived here two weeks ago, and has been convinced the institution is insolvent. He took action without the knowledge of the other bank officials, who are very indignant and claim the bank is perfectly solvent. The total deposits are $104,040. The total assets are not known accurately, but the officers claim that they greatly exceed the liabilities. The bank is carrying over $156,000 worth of paper. The officers and stockholders claim that President Reynolds was induced to take this action by a man who wanted to be appointed receiver, but who failed to get the plum. The bank is a minor institution, but this city has $89,982 on deposit there. City Treasurer McCauley said that he is not responsible for this money. He claims ex-Treasurer Boggs is the responsible one. The deadlock of the City Council has prevented any action from being taken on McCauley's bond; consequently he really did not have charge of the city's money taken in prior to his election.


Article from The Seattle Post-Intelligencer, November 1, 1894

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TACOMA AFTER MR. BOGGS. The City Trying to Get Its Money From the Ex-Treasurer. TACOMA, Oct. 31-The superior court decided that the receiver of the suspended State Savings bank must turn over to the city the $5,000 city warrante on hand when the bank closed. This decision has attracted public attennon to the efforts of the city council to adjust the unsettled accounts of ex-City Ireasurer George W. Boggs. Mr. Bogga is at of the city. Drastic methods are favored by some of the councilmen to effect settlement.


Article from The Morning Call, November 6, 1894

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REDEEMED ONCE. Tacoma to Demand the Return of Money Warrants. TACOMA, Nov. 5.-This city, it is stated, is about to demand, mostly of the representatives of Eastern investors, $212,000 in city warrants, alleged to have been illegally countersigned "unpaid for lack of funds" and subsequently illegally settled by the ex-City Treasurer George Boggs. The whole matter turned upon the failure of the State Savings Bank of this city, in which at the time of its suspension Boggs reported the deposit of $89,000, included in which was $50,000 in city warrants which the court last week ordered returned to the city. In addition to this the court, after reflecting on the bank, ordered the City Attorney to prepare an amended complaint which will cover the reclaiming of all the warrants on the ground that they have been once redeemed by the city.


Article from The Record-Union, November 9, 1894

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Charged With Embezzlement. TACOMA, Nov. 8.-George. W. Boggs, ex-City Treasurer, was arrested to-night upon information by the County Attorney, charging the embezzlement of $24,368, the sum deposited by him in the suspended State Savings Bank. He immediately gave bail.


Article from The Morning Call, November 9, 1894

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Ex-City Treasurer Arrested. TACOMA, Wash., Nov. 8.-George W. Boggs, ex-City Treasurer, was arrested to-hight upon information by the County Attorney charging him with the embezzlement of $24,368, the sum deposited by him in the suspended State Savings Bank. He immediately gave bail,


Article from The Herald, November 9, 1894

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Arrested for Hmbezzlement. TACOMA, Nov. 9.-George W. Bogga. ex-city treasurer, was arrested ton ight upon the information by the county attorney, charging embezzlement of $24,268, the sum deposited by him in the suspended State Savings bank. He immediately gave bail.


Article from The Seattle Post-Intelligencer, November 11, 1894

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Brief Tacoma News. TACOMA, Nov. 10.-[Special.]-The suft brought against Herbert 8. Huson, Arvid Rydstrom and the city by the Tacoma Light and Water Company after the famous pipe raid after the transfer of the property of the company to the city, will be heard Monday. Grace Irving, who stabbed F. G. Turner while in his office in Vancouver, and who has been convicted of simple assault, was employed for some time as a stenographer in Tacoma. At that time she was trying to lead a different life, but her failure to secure employment drove her back to her old ways. Licenses to wed were granted today to M. Driscoll and Mary Hoben, John A. Morek and Katie Machacek. The receiver of the State Savings bank has been ordered to begin suit for $5,481.67 against George W. Bogga. The will of Mary V. Fasel was filed today. The will leaves the bulk of the property to her eldest son, Robert Weis bacb, and appoints A. J. Weisbach executor without bonds. The receiver of the Garretson, Woodrun, Pratt Co. has been ordered to take an inventory of the stock, and allow representatives of Gross Bros., Sanford, Stone & Fisher Co. and Dickson Bros. to be present. A change has been made in the management of the Ninth Street theater, H. L Leavitt retiring. The theater is now in the hands of W. J. Fife, and will probably be closed at the expiration of the Lawrence Haniey company's engagement. The Hanley company has played to large crowds every night, and will close next week, presenting "Jylius Cresar," with W. J. Fife as Marc Antony. Judge Parker announced his decision today in the Sholz divorce case. He granted the wife the divorce, $20 alimony and $50 attorney's fees. J. H. Jefferis, the president of the White ney Glass Works, of Philadelphia, is expected in Tacoma early in December, to look over the ground, with & view to placing a branch of the company's works at some Puget sound point.


Article from The Seattle Post-Intelligencer, November 25, 1894

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To Protect Holders of Tacoma Warrants. TACOMA, Nov. 24.-{Special.]-The Chamber of Commerce will test in the supreme court the protection to be given innocent holders of city and county warrants in this state. This will settle what right, if any, the city has in the $212,000 of city warrants deposited as cash for the city just before ex-Treasurer Boggs went out of office. The superior court has ordered $5,000 of city warrants deposited as cash by ex-City Treasurer Boggs in the suspended State Savings bank, returned to the city. But the commercial bodies do not consider that binds an "innocent holder." If there proves to be no relief for innocent holders of warrants, it is proposed to have the legislature furnish protection.


Article from The Seattle Post-Intelligencer, April 5, 1895

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A QUEER WARRANT STORY. How Ex-Mayor Boggs Disposed of His Property. Tecoma News, April 2. The suit of J. S. Whitehouse as receiver of the State Savings bank against George W. Boggs has developed rather a strange condition of affairs in the matter of Boggs having any assets to satisfy the judgment the plaintiff holds against him in the sum of $6,662.96. The matter came up again in open court yesterday, the receiver taking such steps as he found necessary to compel Boggs to prove that he is not possessed of money or securities sufficient to liquidate the judgment. The hearing was taken from Departmen 1 of the superior court into Department 2, and the investigation proceeded before Judge Stallcup. When the ex-city treasurer was put on the stand he testined that he did not own a dollar in real estate or any collateral, having transferred the former to the Tacoma National bank to secure It in the sum of $12,000 for which he had been indebted. The mining property he had owned in Siskiyou county, Cal., he stated he had sold to the Elliott Creek Mining Company for $500,000, acepting their note secured by stock of the company to that amount in payment. This note and collateral, he said, he had turned over to the Columbia National bank to secure the gentiemen of that institution against loss as his bondsmen for $60,000 on the security he furnished when elected to the city treasuryship. His interest in the match factory he has also assigned to the bank to secure a personal indebtedness. It was also shown that he had turned over to the bank a receipt of Nelson Bennett, dated October, 1893, which receipt, being written in lead pencil and signed by Bennett, is an acknowledgment of the receipt from George W. Boggs of warrants of the amount of $8,487.25, "to be returned." and the further acknowledgment of the return of all but $5,000 of the same at some later date. When Judge Stalloup heard this he exclaimed: "Warrants! What kind of warrants?" "City warrants." "What are the numbers?" "I don't know." "Who does the receipt run to-George W. Boggs, or George W. Boggs, city treasurer?" "George W. Boggs." Recently Mr. Bennett was served with a writ of garnishment on behalf of Recelver Whitehouse, asking him to state what money or goods of Boggs' he had in his possession or under his control. Mr. Bennett in his answer stated that he neither owed Mr. Boggs any money nor had any property belonging to Mr. Boggs under his control. When the bank people were asked about this particular transaction they stated that they had made no demand on Bennett for the money or warrants, and could not tell whether he has the warrants. However, the greatest discrepancy seems to lie in the statement of Boggs with reference to the transfer of the mining property in Siskiyou county. Cal. On March 28, during the proceedings supplemental to the execution now held by Receiver Whitehouse, Boggs swore that he had sold this same property to Messrs. Armstrong and McDonald, for the Elliott Creek Mining Company, the consideration being not a note for $500,000, but a note for $50,000, which was paid by the purchasers on or about the first of March in a check drawn on the Columbia National bank for $50,000. He further swore that he paid this check, all of it, into the bank, to liquidate his debits, and that he owed the bank the full amount. When taxed with this first statement, the said he had been altogether mistaken in what he had sworn to in the first instance, and that the present testimony (that of yesterday) was correct and the other a mistake. The outcome of the proceedings of yesterday was that the Columbia National bank agreed to make a statement of their account with Boggs, which should be filed with the court. The bank people were perfectly willing to bring their books into court, or to allow the receiver to examine them: and it was decided that a report from them would be the quickest and most gattsfactory manner of determining exactly how the Boggs account stands. The bank this afternoon made a complete report of its transactions with Mr.


Article from The Seattle Post-Intelligencer, October 20, 1895

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M'CAULEY JUMPED ON. Council Blames Him for Tacoma's Loss of Funds. HIS BOND DECLARED NOT GOOD. He Shows That the Mischief Was Done by Boggs-Receiver Appointed for German-American Bank. Tacoma, Oct. 19.-Special.-The finance committee of the city council, which has apparently gone gunning for City Treasurer McCauley, presented a report at today's session of the council which brought out a full and at times bitter discussion of city finances. The report severely arraigned Mr. McCauley's administration, and laid particular stress on the condition of the deposits of city funds in banks. Mr. McCauley, the committee held, acted with bad judgment in making deposits in some of the banks. The committee reported in favor of making the city treasurer pay into the treasury $2,600, which the committee claims is a shortage. It was shown that $1,000 was deposited in the State Savings bank a few days before It failed, by mistake of