Article Text
TWO BANKS FAIL. Cheney, Wn., June 15.-The First National Bank and the Bank of Cheney suspended payment today and did not open for business. Hard collections and inability to place securities are the principal causes of the failures.
22163. First National Bank (Cheney, WA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- national
- Bank ID
- 4542
- Charter Number
- 4542
- Start Date
- June 15, 1896
- Location
- Cheney, Washington (47.487, -117.576)
Metadata
- Model
- gpt-5-mini
- Short Digest
3eda9812
Response Measures
None
Receivership Details
- Depositor recovery rate
- 58.0%
- Date receivership started
- 1896-06-27
- Date receivership terminated
- 1899-09-21
- OCC cause of failure
- Losses
- Share of assets assessed as good
- 21.1%
- Share of assets assessed as doubtful
- 75.6%
- Share of assets assessed as worthless
- 3.3%
Description
Multiple contemporaneous newspapers (June 15–18, 1896) report the First National Bank of Cheney suspended payment on June 15, 1896, citing hard collections and inability to place securities. No article describes a depositor run prior to suspension. Subsequently a receiver (D. F. Percival) is mentioned in 1897 and dividends paid to depositors, indicating the bank remained closed and was placed in receivership rather than reopening for normal business.
Events (4)
1.
April 1, 1891
Chartered
- Source
- historical_nic
2.
June 15, 1896
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Hard collections and inability to place securities (liquidity/asset disposition problems) cited as principal reasons for suspension.
- Newspaper Excerpt
- The First National Bank ... suspended payment today and did not open for business. Hard collections and inability to place securities are the principal causes of the failures.
- Source
- newspapers
3.
June 27, 1896
Receivership
- Source
- historical_nic
4.
April 27, 1897
Receivership
- Newspaper Excerpt
- D. F. Percival, receiver of the First National bank of Cheney, has commenced suit ... held by them when the bank suspended.
- Source
- newspapers
Newspaper Articles (13)
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Article Text
Two Banks at Cheney Fail. Cheney, Wash., June 15.-The First National bank and the Bank of Cheney have suspended payment, and today did not open their doors. The directors of the First National bank held a meeting last evening and concluded to take this step. Hard collection and inability to place securities are the principal reasons of the suspension. The First National deposits are small and will probably be paid in full. The affairs of the Bank of Cheney are a matter of speculation, as President Percival is absent and nothing definite can be ascertained. D. F. Percival is president of both banks.
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NUGGETS OF NEWS. The First National Bank and the Bank of Cheney of Cheney, Wash.. have suspended payment. The Beltimore News, an influential Democratic newspaper, practically gives notice in an editorial today of its intention to support the Republican ticket in case the St. Louis convention declares for the gold standard. H. J. Smith, the general superintendent of the Edison General Electric & Illuminating Company of New York, died at his home in Washingtonville, this morning, as A result of injuries rereived Sunday morning. With the view of preventing a duel between Marshal Martinez de Campos and General Borrero the Spanish government has decided to employ the former in active arvice. The Marshal, however. declare, that he will not accept a command except in Cubs. Judge Carpenter of the Circuit Court of Detroit, Mich., today refused to grant :An injunction to restrain the Improved Order of Knights of Pythias from using that designation, as the name of their order. He held that it is not sufficiently similar to that of the Supreme Lodge, Knights of Pythias to mislead any person. Thomas H. Boardman, the special partner of the shoe firm of Adams & Pettengill, who recently failed at Amesbury, Mass., with liabilities of $130.000 has withdrawn his appeal to the Massachusetts Supreme Court and will go into insolvency with the firm. Mr. Boardman was adjudged equally liable with the other meinhers of the firm by the lower court. Negotiations are pending for financial assistance by which, it is claimed by the members of the firm, all creditors will be paid in full and business resumen there very soon. Daniel Burns, an old soldier, fell on the sidewalk, corner of Broad and Winter street at 9:30 this morning and was assisted by a stranger, who took him to the office of the overseer of the poor, wio un sted the man to Dr. Palmer's office. The doctor not being in, the Door dd fellow was taken from one dector's office to another until 12:30, when the good samaratan and his charge found Dr. Ray at his office, 246 Broad street. The doctor, finding the man suffering, did what he could for him, and sent Dim to toe Rhode Island Hospital, where the old velefan was taken in the am vulance.
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More Prosperity in Washington. Cheney, Wn., June 16.-The First National bank and the Bank of Cheney have suspended payment. Hard collections and inability to place securities are the principal reasons for the suspension. The First National deposits are small and will probably be paid in full. The affairs of the Bank of Cheney are a matter of speculation, as President Percival is absent and nothing definite can be ascertained.
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VRENCHED FROM THE WIRES. the formal opening of the St. convention committees were ounced and body adjourned. contests were disposed of last in the St. Louis convention,exthat of Texas. Committee on lentials accepted report of nationommitte and took up case of Deland Texas only. Deleware settled in favor of Higgins. ommittee on resolutions have pracdecided matters of tariff, relations, reciprocity. It for the recognition of Cuba and waii. ommittee on permanent organizapropose the name of Thurston, Nebraska, make the temporary and his assistants permanent accept the vice-president's subby the states. uboise of Idaho had only four for chairman of the committee resolutions. committee on resolutions aits financial plank. It leaves currency as it is, but urges action international bimetalism. rocedings of the opening of the vention were sober, dignified and of a business kind. ternational agreement for the free of silver is the conclusion at Louis. everal of the New York delegates opposed to Morton's nomination vice-president. leKinley league of New York representing 147,000 oppose the ination of Morton as McKinley's mate. orton wires Depew that he has nged nothing. He is before the vention for president. he trouble in the New York delover Morton's vice-presidenmovement troubles Hanna. Whites shut out and the Texcontest taken up at an early hour morning. leveland publishes an open letter ressing disbelief in free silver acat Chicago. rkansas holds the largest demostate convention ever convened her bounds. issues for meeting of the natdemocratic negro clubs, at ChiAugust 11. 5-year-old son of Anton Kritz his face kicked open by a mule Taylor. eneral Mabry announces the regugoverning the Tyler drill, exthe time of the reports to the Vie Dutchate shot with an unloadin " e bands of John Jones at oro. witchman Créllender run over by no killed in the yard: at Bonoudmaster Wa'sos of the Midland, from cars and is killed near Tercounty Democrats declare for money and against disfranchisMexicans. upreme Lodge A. O. U. W. opens in Buffalo, N Y. IcKinley was pall-bearer at the funof his old friend Julius Wheling terday. emporary Chairman Fairbanks prea short and harmonious session Louis. enator Turpie, of Indiana, is not for nomination to the presidency. 'irst National bank and bank of suspends at Cheney, Wash. loar writes from Paris that interional bimetalist agreement is poswith England during the next years if St. Louis does not go for monometalism. altimore News, Democratic, will McKinley if the Chicago platadopts free silver.
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LATER NEWS. The party of oarsmen from Yale university who are to compete at the Henley regatta in the contest for the grand challenge cup arrived the 16th from Southampton. They were under the guidance of Robert Cook, business manager of the Commercial Advertiser, of New York, who has coached many Yale crews. The oarsmen were welcomed on the platform by the mayor and corporation of Henley, and crowds of people were assembled about the station anxious to take the measure of the young Americans. Judge Carpenter, of the circuit court, at Detroit, Mich., the 16th, refused to grant an injunction to restrain the improved Order of Knights of Pythias from using that designation. A son of John Nix, of Nix Corners, Wis., with a team of horses, was killed by lightning during a fierce storm the 16th. The first National bank and the Bank of Cheney, Wash., have suspended payment. Hard collections and inability to place securities are the reasons for the suspension. It is reported that three hundred Turkish troops were killed in a recent encounter with the Cretan insurgents at Comonert. The Louisiana democratic state convention has adopted free silver resolutions, and elected the following delegates-at-large to Chicago: John Fitzpatrick, S. D. McEnery, N. C. Blanchard, S. M. Roberts. The governor of Oregon has ordered the First regiment, national guard, to proceed to Astoria to preserve order among the striking fishermen. No bloodshed has been reported from Astoria or vicinity, but the authorities say they are no longer able to protect the lives of the non-union fishermen and property of the cannery men, so that the governor was called on for assistance. Twenty-three people at Elma, Io., were poisoned by eating ice cream.
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The News Condensed. : Important Intelligence From All Parts DOMESTIC. By a fall of lumber in the Knapp Stout lumber yard in St. Louis Philip Slushman and William Stoll were killed and four other persons were badly injured. Carl H. Siver, aged 7 years; Thomas L. Melville, aged 12 years, and Eugene Reynolds, aged about 26, were drowned at Kenosha, Wis. The First national bank and the Bank of Cheney suspended payment at Cheney, Wash. Mra.,Levi McKnight, of Shelbyville, Ind., was dragged to her death by a horse which took fright at a bicyclist. A reservoir near Baker City, Ore., collapsed and the home of R. French was swept away and the entire family, consisting of the parents and five children, was drowned. Great destitution was reported among the striking miners in the bituminous coal districts in Indiana. Two daughters of Frank P. Hipp, a farmer living near Grinnell, Ia., committed suicide by taking strychnine. No cause was known. During a thunderstorm at Brownsville, O., lightning struck and killed nine steers owned by Joseph Phillips. Milton R. Wells, a widower about 50 years old, shot Miss Jennie Walters, aged 23 years. at Elkhart, Ind., and then set her clothing on fire and she was burned to death. No cause for the crime was known. A movement was started in Boston by the colored churches for the pur pose of erecting a $100,000 monument at Harper's Ferry to John Brown. Seven companies of state troops left Portland, Ore., for Astoria to suppress lawless acts of fishermen on the Columbia river. John Conners shot and killed Mamie Mulligan at Peoria, III., because she refused to marry him and then shot himself fatally. Theodore Ascher & Co., one of the oldest wholesale millinery firms in Chicago, failed for $100,000. Charles Emmler, a Chicago gasoline peddler, fatally shot his wife while he was drunk and then killed himself. The Middlesex woolen mill at Lowell, Mass., employing 1,000 hands, closed indefinitely. Henry Rosenthal and Miss Stella Pitkin were killed by the cars at Ball's Crossing, O. At the seventh annual convention in Boston of the Medal of Honor Legion Gen. Nelson A. Miles was elected president. A destructive windstorm swept over southern Kansas, wrecking buildings at Kingman, Penalosa, Anthony and Attica. Wilson T. Slayback was killed by lightning at Dayton, Ind., and his death so affected his father, aged 78, that the old man dropped dead from heart dis. ease. The two sons of Thomas Holderfield. aged 15 and 18 years, were killed by lightning at Marion, III. The international missionary convention at Clifton Springs, N. Y., adopted resolutions asking the United States government to protect the lives and property of American citizens in the Turkish empire. In Newport. Ky., the trial of Alonzo M. Walling, jointly indicted with Scott Jackson for the murder of Pearl Bryan, ended with conviction and penalty fixed at death. The final payment on account of the 4 per cent. loan of February last was made at the treasury department in Washington. A hurricane at Guthrie, O. wrecked the Central high school building and rtate capitol grounds and badly damaged many private residences. The boiler of the steamer Titus Sheard exploded on the canal at Little Falls, N. Y., while an excursion party was on board and 11 persons were killed and three were fatally and six seriously injured. Cornell university at Ithaca, N. Y. graduated a class of 400. The printers' strike in Minneapolis and St Paul was settled by an agreement between the typographical union and the publishers' association to arbitrate all differences as to wages and hours. Fire destroyed a block of business buildings in Bradford, Pa., the loss being $100,000. At New Haven. Conn, the boat race between the freshman crew of Yale and the University of Wisconsin crew resulted in a victory for the latter crew. The exchanges at the leading clearing houses in the United States during the week ended on the 19th aggregated $1,038,570,808, against $937,886,593 the previous week. The decrease compared with the corresponding week in 1895 was 3.5. There were 276 business failures in the United States in the seven days ended on the 19th, against 234 the week previous and 228 in the corresponding period of 1895. David D. O'Brien, one of the foremost Lawyers in Cook county, committed suicide by asphyxiation in his office in Chi-
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CASHORTHORSESOON CURRIED." The States furnish many articles similar to the following: "Cheney, Wash-The first national bank and the bank of Cheney have suspended payment." How many notices of bank failures do you see in this free silver republic? [Chihuahua Enterprise. How many banks are there in the republic? Very few. So few that a single failure would present an apalling per centage.
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From All Parts of the World. ASHLAND, Wis.-The Shore Lumber Company gave out the statement that they would rebuild their saw mill at Ashland.-The Rinehart Hospital was slightly damaged by fire. WASHINGTON-The treasury lost $1,512,200 in gold and $24,000 in bars, which leaves the true amount of the gold reserve at $114,436,400. Of the total withdrawals today $1,500,000 was for export. EL RENO, Ok.-The First National bank closed its doors. The officers say depositors will be paid in full. The assets and liabilities are unknown, but are supposed to be about equal. DENVER- The northern Colorado coal miners have finally reached an agreement with the operators under which they will resume work immediately. LITTLE FALLS, N. Y.-At the Taylor cycle park the steam yacht Titus Sheard exploded her boiler. Ten of the crew were killed outright, among them tor. Charles Wormuth, hotel proprieChicago-According to a New York special to the Times-Herald, Cleveland Reed & Carlisle is to be the name of a new law firm to be established in this city soon after the 4th of next March. NEW YORK-John Wanamaker, postmaster general in the Harrison cabinet was 8 passenger on board the steamer Fuerst Bismarck. Mr. Wanamaker was seen on the hurricane deck at quarantine by an Associated Press reporter, to whom he expressed pleasure over Hobart. the nomination of McKinley and BREST, France-Only two boats were lowered after the Drummond Castle struck. One of these capsized and only three men were saved out of the 247 people on board. The British second class cruiser Sybelle, which was off Ushant at the time of the disaster, heard the signals of distress and sent boats to the rescue of those on board the sinking vessel, but without avail. WHITEWATER, Wis.-The Whitewater elevator burned Monday morning. It was worth $15,000 and is a total loss: insurance $6,000. The cause of the fire is unknown. WEST SUPERIOR, Wis.-The launch ing of the biggest whaleback steam ship ever built will take place July 6 Prominent vessel people from all over the country will be present. This is the largest boat ever turued out of the yards here its length being 404 feet Its consort is also larger than any barge yet built here. The latter will be launched at & later date. MADRID-The government has decid ed to recall General Martinez Campos to active military service. The gener al himself declares that he will only accept the command of a division it Cuba. EAU CLAIRE, Wis.-Fire at Elva de stroyed the hotel and three houses The loss is about $12,000. or PORTLAND, Ore.-The governor ha ordered the First regiment nations is guard to proceed to Astoria to pre is serve the peace among the strikin fishermen. id EAU CLAIRE. Wis.-A son of Joh Nix, of Nix Corners, with a team o re horses, was killed by lightning. I ALEXANDRIA, Egypt-Sixty-three new f. cases of cholera and twenty-two death n the past twenty-four hours. KEY WEST, Fla-Advices from Ha y vana tonight state that in the recen action between Antonio Maceo an ot Gen. Ynclan at Cacarijacaras, Pina he del Rio, 400 Spaniards were kille th while the Cubans lost only seventeen it FARGO, N. D.-Much disappointmen be has been expressed all over the stat e. in militia circles when the announce ed ment was made that Gov. Allin refuse eto issue an order for an encampmen t this year. he CHENEY, Wash.-The First Nations he bank and the Bank of Cheney hav Γsuspended payment. Hard collection and inability to place securities an he the reasons for the suspension. ne at HAVANA- Captain General Weyle 0has prolonged indefinitelv the perio given the insurgents in which to su I render and obtain pardon. It. Eu CLAIRE. Wis-The citywill setti n-
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THE States furnish many articles similar to the following: "Cheney, Wash-The first national bank and the bank of Cheney have suspended payment." How many notices of bank failures do you see in this free silver republic?-Chihuabua Enternrise
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Duit on Cheney Bank Stock. Special Dispatch to the Post-Intelligencer. CHENEY, Wash, April 27.-D. F. Per. cival, receiver of the First National bank of Cheney, has commenced suit against D. F. McAloon and F. M. Quinlan for the recovery of 23 per cent. of the value of shares of stock held by them when the bank suspended. This suft is to be of test for several similar cases.
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NORTHWEST NEWS. The Tacoma and Everett smelters are trying to secure the contracts for smelting the ore of the Le Roi mine. C. J. Bidwell will build the Blaine-Ferndale road, the contract having been recently awarded to him. He will receive $12,684 for his work. The Northern Pacific has declaed not to put the Sunday train on the Moscow branch. This cuts Moscow off without a day train on either road on Sunday. It was because he experienced a slight difficulty with the machinery that Harry Kinsman, an employe of the Wellington Farm Creamery, near New Westminster, blew out his brains last Friday. Fish Commissioner Crawford is in Whatcom. He has just come from Baker lake, where he has been attending to the turning loose of his numerous family of 6,000,000 young salmon in the Skagit river. Detective McPhee, of Spokane, who was recently shot by a thief, will have an X-ray turned on him in the hope of locating the bullet, which is buried in the skull. Specialists will have charge of the work. A letter has been received from the comptroller of the currency refusing to make a change in the receiver of the First National bank of Cheney. The depositors petitioned for a new receiver some time ago. The May term of federal court began at Walla Walla Tuesday and among the federal officials in attendance are Judge Hanford, R. M. Hopkins, United States Marshal Drake and United States District Attorney Brinker. When Pat Hamilton and Edward Kennedy were arrested at Walla Walla last Monday evening for burglary, Hamilton said to the chief of police: "You let me break away, and I will permit you to kill me." The chief declined the offer. A cow belonging to William Smidtlapp, of Whatcom, caught little Bobby Kratzig, 3 years old, on her horns and tossed him up over her head last Sunday. He lit on her back and slid off. Torn clothes and a few bruises were all the injuries sustained. The cow had a small calf with her and objected to the boy coming too close. Renewed efforts are being made to secure the pardon of Clayton Bump, the Spokane boy serving a ten-year sentence in San Quentin for being implicated in the robbery of a depot agent in Southern California. Gov. Budd has heretofore refused to listen to Bump's petitions for pardon, although they have been signed by many influential, people of the Pacific Coast.
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CHENEY BANK DIVIDEND. First National Soon to Make a Payment of 30 Per Cent. Special Dispatch to the Post-Iptelligencer. CHENEY, May 28.-D. F. Percival. receiver of the First National bank of Cheney announces that the bank will pay a dividend of 30 per cent. as soon as the proper schedules can be made out and sent to the comptroller of the currency at Washington for his approval. The bank closed its doors about a year ago and this will be the first money paid to the depositors. The depositors think another dividend will be declared soon.