First National Bank - Bellingham, WA

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 4099
Charter Number: 4099
Start Date: August 14, 1891
Location: Bellingham, Washington (48.718, -122.507)

Metadata

Model: gpt-5-mini
Short Digest: b25a9e1f

Response Measures

Accommodated withdrawals, Books examined

Description

Multiple contemporary articles (Aug 14-16, 1891) describe a short-lived run precipitated by rumors and a personal quarrel between former and current bank presidents. The bank met all demands, received pledges/offers of assistance, and remained open; no suspension or receivership is reported.

Events (2)

1. August 14, 1891 Run

Cause: Rumor Or Misinformation
Cause Details: Malicious rumors and reports tied to a personal quarrel between former president P.E. Dickinson and current president C.M. Atkins; stories circulated that public moneys had been withdrawn and that the bank might close.
Measures: Officers balanced books and prepared to meet demands; other banks and local capitalists offered assistance; $400,000 in various securities pledged; prominent citizens guaranteed depositors against loss.
Newspaper Excerpt: rumors of various kinds affecting the standing of the First National bank ... there was no run, however; the business of the bank transacted in the usual manner ... withdrawals somewhat larger than usual ... Plenty of money in sight and the prompt payment of all checks, had a tendency to restore entire confidence
Source: newspapers

2. August 15, 1891 Other

Newspaper Excerpt: RUN ON A WHATCOM BANK. Caused by a Personal Quarrel Between Officials-The Bank Is Safe ... the run on the bank, which began yesterday morning and ceased today at noon without injuring the bank, which remains open for business.
Source: newspapers

Newspaper Articles (5)

1. August 14, 1891 Fairhaven Herald Fairhaven, Bellingham, WA

Article from Fairhaven Herald, August 14, 1891

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Article Text

Unscrupulous Persons Try to Injure the Standing of a National Bank The Bank is in Good Shape and Ready to Meet All Comers Many Offers. of Financial Assistance Received by the Bank Directors Yesterday rumors of various kinds affecting the standing of the First National bank were in circulation. All kinds of stories floated around and were discussed pro and con on street corners, in stores and hotels. Some were to the effect that all public moneys deposited in the bank had been withdrawn; that the bondsmen of several county officers had ordered the officials to withdraw their deposits, as there was grave danger that the bank was about to close its doors. Such were the rumors which began to be circulated Wednesday night, and yesterday forenoon they they began to gather force, and investigation showed that the bank officials had also been informed of the rumors and had made preparations to meet the demands of frightened depositors. There was no "run," however; the business of the bank transacted in the usual manno wild-eyed men or the ner, women and was besieged bank's doors could tearful and not asked for money that they immediately obtain. The bank didits usual amount of business, and the withdrawals, while a little larger than usual, were not such as to show that confience had been shaken to any considerable extent. Plenty of money in sight and the prompt payment of all checks, had a tendency to restore entire confidence in the institution. The present state of affairs, and the consequent timidity of depositors is said to be due to a sort of "bear" movement on the part of former shareholders and officers of the ank. The recent change of management was. it is alleged, not to their liking and the present rum rs are traceable to this source and a desire "get even" because of their failure to control the directorate. As soon as it became known that a run on the bank was imminent. other banks came with offers of assistance, and besides these $400,000 in various forms of security was pledged by private parties to the bank directors. It expected that the bank will experience a run this morning, and all depositors will be met promptly with the amount of their deposits. A HERALD reporter called at the bank yesterday afternoon and had a short talk with President Atkins. That gentleman met the reporter smilingly and remarked, "I know what you are after; sit down.' "Yes," said Mr. Atkins, "we have heard the rumors affecting the bank, but business today has gone along as usual; deposits haye come in and made, as to the rumors have been withdrawals larly owing each day. Withdrawals somewhat which happens you today, larger regu- have As to the all we are heard, ing, than it usual. is right. and bank's statement now stand- en- of gaged in making out a resources and liabilities up to date. We had offers of aid from other The obligations, and all large banks, have amounts. besides individual will bank be will offers ready meet for tomorrow to answer all calls that may be made. "The present status of affairs is no lack of on part but caused of by depositors, confidence through the the machinations of certain individuals, who desire to injure the bank's standing." A further talk with a number of prominent business men showed that confidence in the inand no serious is mere they stitution, apprehended. had every The disaster fact of What that to several of the moneyed men com have offered to come to the bank's aid has done much to abate any feeling of panic that may have existed. Vice President Will D. Jenkins was has also seen and he said: 'The bank had large offers of assistance, and we A do not anticipate any serious run. panic of this kind is, however, injurious, and we have made every preparation to meet all demands. We have $400,000 pledged to us, and the best men, financially, of the city will stand by us. "The amount on deposit in the bank is about$150,000, and there are about four hundred depositors, and it can be seen that a have but easily number would portion little of trouble that in creating a panic and a consequent run."

2. August 15, 1891 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, August 15, 1891

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Article Text

RUN ON A WHATCOM BANK. Caused by a Personal Quarrel Between Officials-The Bank Is Safe. WHATCOM, Aug. [Special. - The reports growing out of a personal quarrel between P.E. Dickinson, former president, and C. M. Atkins, present president of the First National bank of this city, caused a run on the bank, which began yesterday morning and ceased today at noon without injuring the bank, which remains open for business. The business men stood by the bank, making larger deposits than were withdrawn and confidence was fully restored before noon today. The First National is the oldest bank on the bay, and has 400 depositors in good financial standing. Furth, Gatzert and Holmes, of Seattle, are stockholders. All danger of injuring the bank is past. Other banks here offer aid if necessary.

3. August 15, 1891 Fairhaven Herald Fairhaven, Bellingham, WA

Article from Fairhaven Herald, August 15, 1891

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e Short Lived The Bank Met All Claims Promptly and is Still in Good Condition Several Capitalists Guaranteed Depositors Against All Possible Losses Before the doors of the First National bank, of Whatcom, were thrown open yesterday morning a big crowd had collected in front of the bank and on the adjacent street corners. The rumors which had been quietly but industriously circulated for some time past by malicious persons who, in order to vent personal spite, endeavored to wreck a reputable financial institution, culminated on Thursday af ternoon and a slight run resulted. The officers of the bank, however, had been apprised of the detrimental rumors, and immediate steps were taken to meet all demands which might be made yesterday morning when the bank opened. Offers of assistance were made by other banks of Bellingham bay, and President C. M. Atkins, of the First National, immediately caused the books to be written up to date and each depositor's account balanced, SO that no delay would be occasioned when the bank opened Friday morning Substantial offers of assistance were also received from business men and capitalists of Whatcom, who expressed their entire confidence in the bank, and were willing to back their opinions with their property and money. Yesterday morning, therefore, the bank was in excellent shape and ready to meet all demands. The doors were opened, and the crowd some hurriedly, others took from checked out. : dreds, varying their came were time, in, $2.50 and to many several The amounts, follow- huning notice, posted on the paying teller's window, was looked at and read with interest. and it convinced many that their fears were groundless: After an examination of the condition of the First National bank of Whatcom, we believe it to be entirely sound and safe, and hereby guarantee depositors against any loss. EUGENE CANFIELD, H. B. WILLIAMS, C. M. WILLIAMS. WILL D. JENKINS. Aug. 14. This guarantee, representing at least a million of money or money's worth, did much to restore confidence. I Deposits came in as rapidly as money was paid out, and when closing time came only $6,500 had been withdrawn, while the deposits aggregated upwards of $7,000. The run had exhausted itself by 11 o'clock, and only the ordinary amount of business was transacted during the / remainder of the day. The attempt to down the bank was an utter failure, and the bank came through what was more or less of a trying ordeal, with its credit unimpaired and a knowledge that it had many e staunch friends who were not willing to see a nefarious plot succeed in ruining the pioneer bank of Whatcom county 1. President Atkins, in reply to an inquiry as to the bank's affairs, said: We received more offers of cash than we needed, and we have plenty to meet all present or future demands. The condition of the bank is excellent, as is proved by its last statement and the report of those who have examined into its affairs. The offers of assistance which we received from the other banks of Bellingham bay, as well as by business mengenerally were most gratifying. The Fairhaven banks were especially prompt in offers of assistance. We have a good balance on hand and no further trouble is anticipated, but if there should be s' we are thoroughly prepared to meet it." " It is a very easy matter to injure a bank's standing during these quiet times, and those who, with malice SO are are the of men. prepense, nals. paper Banks do business everywhere blackened while carrying crimi- these in turn are giving credit to their customers. A panic like this would be far-reaching in its consequences. and of would affect the entire community ng However, since all danger is over, the he bank management is to be congratund lated on the prompt, efficient and de ry u cisive steps taken to nip in the bud y anything pertaining to a panic, and it will be conceded that they have beer eminently successful. h.

4. August 16, 1891 Fairhaven Herald Fairhaven, Bellingham, WA

Article from Fairhaven Herald, August 16, 1891

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FINANCIAL No better demonstration of the healthy state, financially, of the Bellingham bay cities can be cited than the effect. or rather lack of effect, of the incipient run on the First National Bank of Whatcom, which took place on Friday of last week. As one set of customers left the bank after drawing the amounts of their various deposits, others, weighted down with bags of gold and silver, slowly climbed the steps leading into the cashier's room, and when after a brief hour of unwonted excitement the "run" had worn itself out, the coffers of the bank contained more legal tender than at the opening hour. As the physician seeks the pulse of a patient to aid him in his diagnosis, so can the financial condition of a community be determined by an examination into the soundness of its banks. Our banks are good for much more than one hundred cents on the dollar and there is an ample supply of money for all the purposes of trade.

5. August 20, 1891 The Yakima Herald Yakima, WA

Article from The Yakima Herald, August 20, 1891

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# A MORAIC OF INTERESTING ITEMS. News from Here, There and Everywhere Stripped of Verbiage and Served Up for the Delec- tation of "Herald" Readers. A bank which failed in a Florida towne the other day had liabilities amounting to $75,000, while the assets footed up $176. There is one mile of railroad in the state of Washington to every 174.81 of inhabitants, and a total of 1998.65 miles at the close of the past year. The First National bank of Whateom was subjected to a "run" recently, in consequence of a quarrel between ex- president and the present president. It stood the pressure by the aid of the busi- ness men. A Burlington woman refused to con- tribute to the fund for the support of her pastor because he sometimes practices law while engaged in the ministry. She holds that no man can be good christian and practice law. A Denver cyprian got away with jew- elry to the value of $5500 by drugging the wine which the clerk, who brought the gems for inspection, was induced to drink. She was traced as far as Omaha, but there the trail was lost. Victoria's city council has decided to introduce by-laws appropriating nearly $3,000,000 for the construction of the Westminister & Samish railway, which asks for loans, and also to provide $1,- 000,000 bonus for the Northern Pacific to extend their lips to the city. Engineer H. K. Owens, of Seattle, son- in-law of Col. H. D. Cock, of this place, has secured the contract for putting in a $20,000 water plant at Waterville. The water will be obtained from six wells and pumped into a reservoir from which it will be distributed throughout the town. The government has been for nine years digging up and putting together the vast collection of fossils that will occupy fully one-half of the national museum in Washington. In the collection are the gigantic skeletons of prehistoric reptiles 100 feet in length, flying dragons with a 25-foot spread of wings, and other curios- ities well worth seeing. The expert hunters captured a moun- tain lion on Mt. Chapaca, says the Ruby Miner. They caught him in a bear trap. In his frantic efforts to escape he jumped over a thicket ten feet high, carrying with him a heavy log which had been attached to the trap. He bit and clawed his way through a thick underbrush until the log became so firmly fastened that he could neither go backward or forward. Here the hunters found and shot him. A stick of wood as large as a man's arm, being placed in his mouth, he snapped in two like a piece of candy.