22151. Cashmere State Bank (Cashmere, WA)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
February 1, 1932*
Location
Cashmere, Washington (47.522, -120.470)

Metadata

Model
gpt-5-mini
Short Digest
214d0ec6

Response Measures

Full suspension, Books examined

Description

Articles report heavy withdrawals after the Dryden bank closed precipitated a run on Cashmere State Bank; the bank 'closed its doors' (suspended) in early February 1932 and entered liquidation. State banking officials/deputy supervisor handling the liquidation; later references (Mar and Dec 1932) describe efforts to pledge assets, reorganization attempts, and payment of dividends to depositors during liquidation. No successful reopening is reported; the bank was liquidated.

Events (3)

1. February 1, 1932* Receivership
Newspaper Excerpt
the purpose of the banking department to look after the inter of the depositors ... the period of distribution may run from two to three years ... liquidation would be carried out so that first consideration will be given to the depositors ... A dividend of $30,000 was paid depositors of the Cashmere and Dryden State banks last week, according to E. W. Ostenberg, special deputy supervisor of banking, liquidating both banks.
Source
newspapers
2. February 1, 1932* Run
Cause
Local Banks
Cause Details
Run was precipitated by the prior closing of the Dryden State Bank; heavy withdrawals followed.
Measures
Bank closed its doors to protect depositors; Chamber of Commerce and depositors' committees formed; deputy supervisor placed to handle situation; efforts to reorganize or start a new bank and to liquidate in an orderly way.
Newspaper Excerpt
The Cashmere State bank closits doors Saturday morning when was found that the withdrawals were coming in fast ... The closing of the Dryden bank Thursday morning had precipitated the run on the bank.
Source
newspapers
3. February 1, 1932* Suspension
Cause
Local Banks
Cause Details
Suspension/closure occurred because withdrawals following the Dryden bank closing would have reduced legal reserves; bank closed to protect depositors and await liquidation/reorganization decisions.
Newspaper Excerpt
The Cashmere State bank closits doors Saturday morning ... it was decided to close the bank to protect the depositors.
Source
newspapers

Newspaper Articles (4)

Article from The Cashmere Valley Record, February 4, 1932

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Article Text

Efforts Being Made to Start Re-organization of Local Bank Chamber of Commerce and positors' Committees Start Re-opening Work Cashmere people felt more contoday than since the CashState Bank closed its doors Saturday morning when was learned that active measures being taken by the CashChamber of Commerce and of the depositors to try to re-organize the present bank, or start bank, and get the lease of some of the funds at once. The Cashmere State bank closits doors Saturday morning when was found that the withdrawals were coming in fast that was only matter of time when the legal reserve would be low. The closing of the Dryden bank Thursday morning had precipitated the run on the bank. The fact that many people had been letting their counts run low because of the need of the money for living penses, also entered into the situation. Apple money has been in coming in this year and withdrawals have been heavy. In the face of all this is was decided to close the bank to protect the depositors. Will Pay Out George Sussex, president of the bank, stated this week that it his opinion that the bank would out in full if pay given time. However, if liquidation forced rapidly such full payment would not be possible and addition it would many people who owe the bank in barrassing circumstances. Wants to Co-operate Yost, deputy supervisor charge, who has been placed here to handle the Cashmere and Dryden situations, stated that it the purpose of the banking department to look after the interof the depositors and that their welfare comes first in all cases. He stated that nothing will be done to the detriment of these depositors and that was simple matter of everyone dothe best they can under the May Re-organize Bank Efforts are being made now to either re-organize the present bank or start new bank, and release percentage of the deposits. A committee met Wednesday afternoon with C. Moody, head of the state banking department and with Harry Johnson of the department of fficiency, in an effort to work out plans for such reorganization.


Article from The Cashmere Valley Record, February 4, 1932

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Article Text

COMMITTEE'S REPORT TO BANK DEPOSITORS Call Depositors' Meeting for Saturday Afternoon February 1932 Depositors of the Cashmere State Bank, Cashmere, Washington. On Wednesday afternoon at two o'clock the committee appointed by Mark Balaban, president of the Chamber Commerce, met with Mr. Harry director of efficiency of the state of Washington, and Moody, Supervisor of Banking in the State of Washing ton, in Wenatchee. The purpose of this meeting ascertain the attitude these of the state manner liquidation of the Cashmere State Bank, and second, ascertain bank may be started, as was felt imperative that this munity have such an institution as soon as possible. After considerable discussion in detail the following facts were brought out: In the event that new bank is started in Cashmere, imperative that an absolutely new institution be set up. In the matter of obtaining funds for depositors, ways means were discussed with the committee at this time. Under normal conditions nothing can be obtained during liquidation under four months period. The period of distribution may run from two to three years. was pointed out that the Cashmere bank is large enough institution that the expense of liquidation will be taken care of entirely, or nearly so, from revenue of the present institution. Nothing be certained as what percentage of funds will be paid out. One the main things developed in this of the committee with these state their hearty spirit of co-operation and interest and ef fort giving all details and questions we could think of and final assurance that the liquidation would be carried out so that first consideration will be given to the depositors and consideration to the of this The committee felt that the best interests of this will be brought out and appreciate very much the fair attitude of the state ficials. The committee has called for meeting of all of the Cashmere State Bank at the Royal positors theatre, Cashmere, Washington, on February 6th, Sat urday, two o'clock. The committee urgently requests that all depositors and people the banking situation attend the meeting at that time. All questions, near will be answered and Mr. Johnson has assured possible that the gentleman who has charge the liquidation will present to answer as much reason the question of new bank will be ably possible. taken up at that time and discussed. Chairman HENRY HAGMAN, ARCHIE SMITH, JONES. M.


Article from The Spokesman-Review, March 23, 1932

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MID-WASHINGTON ASKS FOR ON CLOSED BANK State Supervisor Would Pledge Assets of Defunct Cashmere Institution. AFFECT MAY BE BROAD Court Hearing April Fa- vorable, Same Course in Prospect for Others. Authority pledge the Cashmere bank, liquidated, to the finance $100,000 loan today asked state Superior Judge the money will be disfor financthis year's and otherwise agricultural and business enterprises Judge Parr the application April the Mr. Moody left for Spokane confer with reconstruction finance officials the loan. he successful he similar obtain for defunct at WenatDryden and Moody was the first time efforts made pledge affairs were liquidated. While no the pledge the bank's assets, Mr Moody petition that the Cashmere bank has the merchants and obtain for and court take those factors into To Surface Entiat Road. bidding awarded contract and surface 6.3 miles highway up the Entiat valley. with the lateral highway fund. Cowan Hubbick Spokane, were second contract calls for straightening before the fruit hauling season. Poultryman Loses $5000. hatchery, brooder sheds and 000 by Auvil, Entiat unknown origin late last loss $5000. Neighbors saved the residence Need for Relief. April missioners for hearing $20,000 emergency appropriation for the indirelief The availthe beginning the fiscal year nearly gone, the commissionneeded relief work for the balance 1932. Asks $2660 for Injuries. The night for $2660 for alleged by Mrs. Conner, on slippery sidewalk February Conner is wife the police judge.


Article from The Cashmere Valley Record, December 29, 1932

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WASHINGTON NEWS ITEMS OF INTEREST Brief Resume of Happenings of the Week Collected for Our Readers. THE MARKETS Portland Wheat-Big Bend bluestem, hard wheat, 51c; soft white and western white, 41c; hard winter, northern spring and western red, 39c. Hay-Buying prices, f.o.b. Portland; Alfalfa, Yakima, $12. Butterfat-24@25c. Eggs-Ranch, 24@25c. Cattle-Steers, good, $5@5.50. Hogs-Good to choice, $3.50@3.75. Lambs-Good to choice, $4.75@5. Seattle Wheat-Soft white and western white, 41c; hard winter, western red and northern spring, 42c; bluestem, 51c. Butterfat-26c. Eggs-Ranch, 26c. Hogs-Good to choice, $3.35@3.60 Cattle-Choice steers, $4.75@5.25 Sheep-Spring lambs, $4.50@4.90 Spokane Cattle-Steers, good, $4.25@4.75 Hogs-Good to choice, $3.10@3.25 Lambs-Med. to good, $4@4.50 Film feeding into the projector ignited and caused a fire that badly damaged the theater at Longview last week. Ninety thousand dollars' worth of warrants of Cowlitz county districts were called for payment last week by Treasurer H. D. Renner. The currents in the north Pacific ocean brought a bottle from the coast of Japan to Vancouver island, 4500 miles, in two years and 10 days. Loot valued at about $3000 was stolen from the Kulzer store at Valley by burglars who broke in through the rear door and carted off their plunder by truck. Fruit growers of the Kettle Falls locality report that a good crop was harvested and about 90 carloads of apples were shipped to the east, Europe and other parts of the world. Yakima county called in $51,000 worth of warrants, putting the valley on a cash basis up to August 15. 1932: The current expense fund indebtedness was reduced to $199,000. Votes cost $6 apiece in Naches the other day when supervisors for the Yakima county drainage district were elected. Two votes were cast and the cost of the election was $12. One hundred fifty loggers returned to work at the Ostrander Railway & Timber company after having been laid off for the past ten days on account of cold weather. The Yakima County Grange council has voted to ask the state legislature to return 1 cent a gallon additional of gasoline tax funds to the counties for road purposes, making cents in all. South Bend's recent city election slipped by practically unnoticed. Probably not to exceed 100 votes were cast. There were no contests. The election cost the taxpayers approximately $150 to $175. A dividend of $30,000 was paid depositors of the Cashmere and Dryden State banks last week, according to E. W. Ostenberg, special deputy supervisor of banking, liquidating both banks. County Auditor Sarilda McKeown has announced that the direct cost of the general election was $3636 in Stevens county. There were 7171 votes cast, making the cost for each about 50 cents. A prisoner being taken to the Chelan county jail for mental examination escaped and six people were hurt when a car loaded with deputy sheriffs seeking him collided with another car on the highway near Monitor. D. A. Vancil, 70, lost his right foot to a buzz saw at Prosser last week. A block of wood became lodged under the saw and in an attempt to kick it out his leg came in contact with the saw and was severed at the ankle. There can be no greater rage than this: City water department employes digging a ditch turned up a rattlesnake that had hibernated a foot below the surface. Furious at being disturbed the snake went into a frenzy and bit itself to death. Increase in Seattle's taxicab fares has been recommended by the city council safety committee. The proposed rise, on a sliding scale depending on the length of the ride, amounts to a dime on a five-mile trip. Fred Peterson, a farmer near A1bion heard a commotion among his chickens. It was caused by a large arctic owl, which he killed. The bird had a wing spread of 57 inches and measured 21 inches from "bill" to tail. Fire swept through the main structure of the Schafer Brothers Lumber & Shingle company mill No. 1 at Montesano recently and threatened the lumber schooner Hubert Schafer, owned by the same firm, docked nearby. A cordwood pile of regulation height and width, four feet each way, and 10.43 miles long. is estimated as the amount of timber cut from the Walla Walla district of the Umatilla national forest under permit during the summer of 1932. Walter Kimmerly, county auditor at Walla Walla, received word from the state attorney general's office that the county game commissioners are to remain in office and in charge until the new state game commission is appointed and organized. A bill to broaden the powers and duties of the Washington state highway patrol to give the value and importance of a state police system will be pushed in the next session of the legislature by the Washington State Sheriff's asso- Motorists recently reported great flocks of seagulls at the conjunction of the Klickitat and Columbia rivers at Lyle, attracted by the unusually heavy annual run of dog salmon. The fish spawned and died, furnishing a feast for these graceful scavengers. Charges and counter charges flew between residential district and downtown meat dealers of Yakima at a city commission meeting there when downtown proprietors attempted to have the annual license fee boosted from $25 to $100 year. Predatory animals slew 565 deer in the Mount Baker national forest this year compared with 34 killed by men, but hunters scored highest in the number of bears killed, felling 19 to the one dropped by a cougar, according to reports filed by rangers. A class of woodturning and construction work is being offered to women at the State Normal school at Cheney. Woodturning includes the making of such articles as rollingpins, tool handles, gavels, candlesticks, lamps. pin trays, jewel boxes, and nut bowls. The Chelan county commissioners last week opened bids for that county's share of a joint state and county project, which calls for elimination of the last two "death curves" on the Chelan-Wenatchee highway, both at underpasses on the Great Northern railway. Yakima apple shippers who have forwarded apples under standard ventilation have changed to heater service in transit. No reports of damage to fruit on the road on account of the extreme cold have been received at Yakima, but some cars shipped from Wenatchee have been frozen. The city council of Davenport denied a petition of the Wenatchee Chamber of Commerce for a permit to erect a large sign at the intersection of the North Central and Sunset highways at Davenport. The action was taken after 12 property owners near the proposed site of the sign protested. Indian police officers of Toppenish are looking for the "world's meanest man." They discovered the theft of 600 pounds of bacon, beans, flour and sugar from a warehouse at Fort Simcoe, near Toppenish, The food. government