Bank of Everett - Everett, WA

Bank Information

Episode Type: Suspension → Closure
Bank Type: state
Start Date: June 14, 1893
Location: Everett, Washington (47.979, -122.202)

Metadata

Model: gpt-5-mini
Short Digest: 1aa5ce60

Response Measures

None

Description

Contemporary reports (June 1893) state the Bank of Everett 'posted a notice... announcing that it had made an assignment for the benefit of its creditors' amid the money stringency. By October 1893 a reopening scheme was being discussed by depositors, but later materials (1898) refer to the bank as defunct with a receiver making a final report — indicating the institution remained closed and in receivership/asset liquidation. No article describes a depositor run triggering the suspension; the proximate cause is the general money stringency/panic of 1893.

Events (3)

1. June 14, 1893 Suspension

Cause: Macro News
Cause Details: Unable to meet pressures owing to the general stringency in the money market / panic of 1893; bank made an assignment for benefit of creditors.
Newspaper Excerpt: the Bank of Everett posted a notice on its door yesterday morning announcing that it had made an assignment for the benefit of its creditory.
Source: newspapers

2. October 20, 1893 Other

Newspaper Excerpt: The suspended Bank of Everett has promulgated a reopening scheme which is meeting favor with depositors.
Source: newspapers

3. November 10, 1898 Receivership

Newspaper Excerpt: The receiver of the Bank of Everett, which failed early in the panic, has made his final report to the court, and an order has been made directing the remaining assets to be sold at auction.
Source: newspapers

Newspaper Articles (5)

1. June 15, 1893 New-York Tribune New York, NY

Article from New-York Tribune, June 15, 1893

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SMALL BANKS IN THE WEST GO UNDER THE FINANCIAL STRINGENCY THE REASON FOR COLLAPSES IN SEVERAL STATES. Indianapolis, June 14.-The Citizens' Bank of Fairmount, Ind., has suspended operations owing to stringency in the money market. The capital stock 13 $30,000: assets, $191,060 91; liabilities from $130,000 to $130,000. Dr. Henley, of Fairmount, is president and Levi Scott cashier. Mr. Scott is also the largest stockholder. J. P. Winslow. George R. Thurston and James Johnson are directors. Phillip Mat. ter, of this city, has been appointed assignee. Riverside, Cal., June 14.-The doors of the Riverside Banking Company failed to open at the usual hour to-day. The following sign was displayed on the door: "This bank is closed under instructions. Depositors will be paid." Snchomish, Wash., June 14.-The Bank of Everett posted a notice on its door yesterday morning announcing that it had made an assignment for the benefit of its creditory. The Institution was doing business under the State law with a nominal capital of $50,000. Its paid-up capital was $30,000. It is understood that the liabilities are about $65,000; assets, $87,000. An examination of paper and securities was made by a committee of the clearing house, who authorized the statement that, in their judgment, If the securities are handled properly, every depositor would be paid in full. Painesville, Ohio, June 14.-This morning the Lake County Bank of Aaron Wilcox & Co. posted a notice on its door as follows: "This bank has suspended temporarily, being unable to meet the run on it at present, owing to the stringency in the money market. was All depositors will be paid In full." A run begun on the bank yesterday, but business men had full confidence in it and deposited up to the time of closing for the day. The general impression is that the bank will be able to resume business in a short time. The personal estate of the stockholders is liable for the indebtedness, in all amounting to several hundred thousand dollars. The bank is be lieved to be perfectly solvent. It was organized twenty-five years ago and has always been considered a sound Institution. Topeka, Kan., June 14.-State Bank Commissioner Preidential who has recently made an examination into the affairs of the Bank of Burr Oak, which falled last Saturday. declares that Manager Hurlburt of the tank conducted Its affairs in such a manner as will send him to the ponitentiary. Hurlburt disappeared the day after the failure. leaving a wife and two children behind. and can't be found. Commissioner Breidenthal says Hurlburt has made many false state ments to the bank commissioner. The bank's deposits amount to 845,000, and although the assets on their face show a value of $53,000. they are nearly worthless and will net the depositors less than twenty cents on the dollar.

2. June 15, 1893 Echo De L'ouest Minneapolis, MN

Article from Echo De L'ouest, June 15, 1893

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Faillites de Banques et autres La "Citizens National Bank" de Hilsbora, o, vient de suspendre ses paiements. L3 "Frank A. Lappen Company" de West Superior a fait faillite. La "Hudson Savings Bank" d'Hudson, Wis., a fermé se3 portes. La banque de Jos Higins 84 Wa hington Street Chicago, a déposé son bilan. W. L Sherwood de Chicago à suspendu SPB paiemente. Hobbs et Tacker, banquiers de Savanaugh, Ga. ont fait faillite. La "Bank of Buir Oak," Kan., a fait faillite La "Peoples Guarantee Savings Bank" de Kansas City Mo., a déson bilan. La "Union Stock Yard Bank" de Sioux City S. D. a suspendu ses paiements. Il en est de même de la "Brule County Bank" de Chamberlain S. D. "L'American National Bank" d'Omaha Neb., a ferme S S portes. On dit que le "G'obe Laon & Trust Co" la "Dime Savings Baik" la 'G rmania Savings Bank" et la "Nebraska Savings Bink" sont en danger. Fermée également la "Trust National Bank" de Lakota S. .D. E. S. Howard vient d'etre nommé syndic de la faillite de la Firet National BaLk" de Cedar Falls, Iowa. La banque d'Everett, à Snoho mish, Wash., vient de fermer ses portes. Enfin, la "People Savings Bank"

3. October 20, 1893 Washington Standard Olympia, WA

Article from Washington Standard, October 20, 1893

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STATE NEWS. Puyallup is to have a dress-reform club. Mount Vernon's assessed valuation is $360,000. The Chelan Eagle has folded its wings in death. Seattle's taxable wealth is a little over $38,000,000, Seattle will need $260,000 for her schools this year. The presbytery of Spokane meets at Spokane Tuesday. A lodge of the old Foresters is being formed at Spokane. Yakima teachers have organized a county association. New Whatcom's September foreign exports were $26,000. The Peshastin quartz mill's pay roll is $6,000 monthly. A Blaine mill has made 35,000 boxes for salmon cans this season. The Everett smelter is completed and is waiting for ore to start up. Three hundred placer claims have been taken up along Ruby creek. Of Walla Walla's $38,743.45 city taxes only $5,952.25 is delinquent. Silver-backed salmon are running up the streams about Port Angeles. The hops of 1893 in this State ac cording to current prices will be worth $1,200,000. Over 300 Tacomians visited the World's Fair during the month of September. Claus Spreckles will establish a steamship line between Puget Sound and Australia. A new flouring mill will be constructed at Pullman, with 100 barrels daily capacity. The telephones in the Spokane schools will be taken out unless the rates are lowered. P. C. Hayes, of Orilla, this season picked 52,000 pounds of plums from 430 four-year-old trees. The suspended Bank of Everett has promulgated a reopeningscheme which is meeting favor with depositors. Flouring mills all through the agricultural districts of Washington are exporting hundreds of tons of flour. The Willapa Harbor Extract Works at South Bend has received a first prize at Chicago for white hemlock tannin extract. The estimated hop crop of Yakima county is 14,000 bales, valued from $350,000 to $500,000. Last year'scrop was 3,500 bales. Dr. A. N. Gill, under four years, sentence at Chehalis for manslaughter, is in jail again, having been surrendered by his bondsmen. The growing crop of wheat on 800,000 acres of Eastern Washington, will yield over 20,000,000 bushels, the average being nearly 30 bushels to the acre. At Port Townsend Judge Ballinger has ordered the grand jury convened on the 23d inst. to inquire into the alleged irregularities in the Auditor's office. Adams county has a stockmen's protective association, for resisting the operations of rustlers, which will perfect organization at Ritzville October 28. The postoffice, Farnsworth's drug store and O. M. Rudd's jewelry store at Rockford were robbed, the burglars taking in all $500 worth of plunder from the three places. The best bid the Cowlitz county commissioners had for their proposed bond issue was, according to the Kalama Bulletin, "a 7 per cent bond and a premium of $100." The death warrant of John White is the first ever issued in Snohomish county. He is to be hanged Friday, December 22, which will be the first anniversary of his crime. A run of 24 tons of ore was recently made in the Black Bear mill, Okanogan county. which netted about $300 in bullion and 1,000 pounds of concretes worth about $193 per ton. At Colfax, Judge Sullivan has dis missed the case of John J. Maraseck, who was charged with knowingly receiving stolen cattle, for want of sufficient evidence to sustain the charge. The Settler's League of Gray's Harbor is corresponding with the interior department about the delayed survey of that section, and has received grounds for hoping that something will be done. A young man by the name of Doughdill who killed a man in Alabama a year ago, surrendered himself to Sheriff Woolery at Seattle last Monday. He said he wanted to go back and see his wife and family. A coachman at New Whatcom had a miraculous escape from a frightful death. He was carrying two valises across the railroad track when he was struck by the engine of moving train and hurled into the air, alighting however, unharmed. H. S. Gile, of Ilwaco, has brought suit of ejectment against a number of fishermen who, he claims, are occupying his land on Chinook beach. The fishermen claim that the land their traps are on is not his, but made ground which lies without his estate. John Galligher ianitar of the Pooific

4. October 20, 1893 Pullman Herald Pullman, WA

Article from Pullman Herald, October 20, 1893

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NORTHWEST NEWS. WASHINTGON. Seattle's taxable wealth is a little over $38,000,000. The Presbytery of Spokane met at Spkoane Tuesday. A lodge of the old Foresters is being formed at Spokane. Silver-backed salmon are running un the streams about Port Angeles. Of Walla Walla's $38,743.45 city taxes only $4,952.25 is delinquent. The telephones in the Spokane schools will be taken out unless the rates are lowered. The suspended Bank of Everett has promulgated a reopening scheme which is meeting favor with depositors. Dr. A. N. Gill, under four year's sentence at Chehalis for manslaughter. is in jail again, having been surrendered by his bondsmen. At Port Townsend Judge Ballinger has ordered the grand jury conyened on the 23d inst. to inquire into the alleged irregularities in the auditor's office. At Colfax, Judge Sullivan has dismissed the case of John J. Maraseck, who was charged with knowingly receiving stolen cattle, for want of sufficient evidence to sustain the charge. A coachman at New Whatcom had a miracul>us escape from a fright'u! death. He was carrying two valises across the railroad track when he was struck by the engine of a moving train and hurled Martha Jane Wood, who committed suicide at Colfax recently, had been a very handsome girl, and even dissipation had not yet despoiled her of beauty, She was 24 years old last May. Her maiden name was'Jordan, and she was married to George Wood at Eugene. Or., October 23, 1886, when 17 years of age. Her mother still lives in Salem, Or. A female tramp, 25 years old and good looking, is beiting her way along the Union Pacific toward Po tland, having in view California, where she claims to have friends. She says she started from Peoria, Ill., with enough money to pay her way to Los Angeles at 3 cents a mile, but that her money gave out at Bozeman, and now she hides herself wherever she can about freight trains. Word has reached Spokane that Chas. Wright and Ed Smith, two prospectors, quarreled near Bonner's Ferry over the possession of their camp utensils. They had worked together all summer. Wright shot Smith in the back. Smith ran through the woods and got in a rowboat and Wright fired several ineffectual shots. Smith drifted into town and was rescued. Sheriffs are bunting for Wright. Smith will probably die, James D. Murray, of Ilwaco, who was first officer of the ill-fated ship Strathblane, which was wrecked on the weather beach near Ilwaco three years ago, has erected a monument over the grave of brave Captain Outhell and the men who perished with him. Mr. Murray made a trip to England last fall and carried the captain's last message to his young wife over the sea, a duty made doubly sad through the fact that the bereaved lady had refused to believe that her husband would neyer come back, but still anxiously awaited his return. Sheriff Pugh, of Spokane, has received a telegram from Arlene, Mont., stating that Louie Stemsto, the murderer of Mah-So-Lah at Spokane, August 16, was under arrest there. It was signed by Joseph T. Carter. Louie Stemsto, or Louie, as he is known, is a Spokane Indian. On the night of August 16, near the old Twickenham power-house, Louie, Con-Con-Spokane and another Indian, while under the influence of liquor, killed Mah-So-Lah, a young Indian from the Flathead reservation, who was in Spokane on a visit. Louie is said to have knocked him down, when when Con Con took the piece of iron pipe and crushed in his skull The Indians all escaped and these facts were developed at the inquest. Louie will be brought to Spokane at once.

5. November 10, 1898 Condon Globe Condon, OR

Article from Condon Globe, November 10, 1898

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# ALONG THE COAST. Items of General Interest Gleaned From the Thriving Pacifie States. The ministers of Spokane are generally of the opinion that there should be but one legal ground for divorce. The new sawmill of the Equality Colony, near Edison, Wash., is completed and paid for. Its daily capacity is 10,000 feet. The shipments from Coulee City, Wash., last week amounted to 52 cars of cattle, containing nearly 1,500 head, and representing $42,000. The Indians who have been causing trouble are getting out of Grant county, Oregon, as fast as possible, and no further trouble is expected. According to the financial statement of Coos county, Oregon, the 2 per cent reduction in the legal rate of interest will mean a yearly saving of something over $1,800. G. Gunerson, of Melbourne, and one of the largest timber importers of Australia, is viisiting the Northwest arranging for the purchase of several cargoes of fir lumber. Isaac W. Garrett, ex-secretary of state of Idaho, and a pioneer of Oregon, died at Boise. Mr. Garrett had suffered from a complication of troubles for about a year. The Grand Ronde Lumber Company, of La Grande, has just closed large contracts with different southern California fruit associations for very large quantities of orange and other fruit boxes. The receiver of the Bank of Everett, which failed early in the panic, has made his tinal report to the court, and an order has been made directing the remaining assets to be sold at auction. The Pacific sheet metal works at New Whatcom started up again last week with half a crew, after having been shut down for about a month. This means the employment of about 50 or 60 persons, and is welcome news to a large number of people. The discovery has been made that some miscreant has defaced the two 54-ton guns that are waiting to be placed in position at Marrowstone point, in Puget sound, by cutting names on the steel barrels with soap and acid. Suspicion rests on discharged workmen. The Imperial Paste Company has been organized at Great Falls, Mont., for the purpose of manufacturing macaroni to supply the trade of that and adjonining states. The output of the factory is 500 pounds daily. They have orders ahead for three months product. The receiver of the defunct Spokane Savings bank has been authorized by the court to pay a dividend of 7 per cent on the outstanding claims against the institution. This will make a total of 52 per cent paid by the bank. The total indebtedness of the bank amounts to $100,409.54. The Golden Giant dredger, now being rapidly pushed to completion at Lannan's spur, below the mouth of Burnt river, will be ready to operate on December 1. Its capacity is 2,000 cubic yards per day, and it is to be operated on 160 acres which are reported good for 50 cents per cubic yard. The Republic Mining Company of Eastern Washington has just declared another dividend amounting to $30,000, which is at the rate of 8 cents per share. This is the second monthly dividend paid by the company of like amount, and there is every assurance that the dividends will continue at this rate every month, although the mill is not running at its full capacity. Never before was grass so scarce on the Gilliam county range as now. Even in pastures where the old bunch-grass is abundant, the grass is so devoid of nutriment from long-continued drought that stock are losing flesh on it. Several sheepmen have commenced feeding hay already, and wise sheepmen and cattlemen are reducing their flocks just now, while the pirce is good. The contract to cut 5,000,000 feet of lumber and 175,000 ties has been secured by McPherson Bros. & Stout, of Brooklyn, B. C. This contract is with the Columbia & Western railway, which will use the lumber on its Robinson-Penticon branch. This firm contemplates removing their mill to Gladstone, where a fine body of timber exists. John Holmes, of Wellington, New Zealand, was recently in Vancouver, B. C., as a commissioner from the government of the island on a mission to find new fields for the hemp trade of New Zealand, which last year produced 22,000 tons. Mr. Holmes says this country offers a fine opening for trade in shirts, shoes, cottons, household furniture, canned salmon and agricultural implements. Five mourning tribes assembled at the Puyallup reservation Sunday to pay the last honors to the royal infant, Reed Leschi, who died last week, and who was the 8-months-old son of George Leshi, chief of the Puyallup tribe, and his death is mourned as the removal of a possible leader of the people, there being but one living heir now left. Leschi's uncle was the leader of the war against the whites in the early days, for which he lost his life. In compliance with the request of the Philadelphia board of trade, which