22219. Bank of Kent (Kent, WA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 8, 1896
Location
Kent, Washington (47.381, -122.235)

Metadata

Model
gpt-5-mini
Short Digest
4f929d47

Response Measures

None

Description

Articles report the Bank of Kent admitted insolvency and a receiver (W. J. Shinn) was appointed in early October 1896; the bank remained in receivership with claims filed and receivership activity through 1897. There is mention of depositors and one depositor rushing to cash a check after learning the bank was in receivers' hands, but no clear, discrete bank run is described. Classified as suspension leading to closure/receivership.

Events (4)
1. October 8, 1896 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank admitted insolvency in court; assets shown insufficient to meet deposits and liabilities; complaint alleged insolvency and inability to pay checks.
Newspaper Excerpt
the result of the hearing was a judgment against the bank ... and the appointment of a receiver, W. J. Shinn
Source
newspapers
2. October 9, 1896 Receivership
Newspaper Excerpt
W. J. Shinn, whose bond was fixed ... Mr. Shinn also filed his acceptance of the trust. Inquiry ... showed county funds ... reduced ... the Bank of Kent has ... been reduced ... appointment of a receiver, W. J. Shinn, whose bond was fixed ... Mr. Shinn also filed his acceptance of the trust. (Seattle P-I, 1896-10-09).
Source
newspapers
3. October 31, 1896 Other
Newspaper Excerpt
W. J. Shinn, receiver of the Bank of Kent, has filed a report in the superior court showing the assets and liabilities of the bank. The total assets amount to ... and the total liabilities are $11,459.68.
Source
newspapers
4. December 10, 1896 Other
Newspaper Excerpt
W. J. Shinn, receiver of the Bank of Kent, has filed a report ... claims to the amount of $6,892.05 have been filed against the bank. ... the receiver has received since he assumed charge of the bank $541.54 ... balance of $506.59 on hand.
Source
newspapers

Newspaper Articles (9)
1. October 9, 1896 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, October 9, 1896

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₹ prin- a Kent, 5 owned which s parties, yesterday Senttie $ to & pressure brought upon it, rewithing in an entanglement in its business afters, and admitted its insolvency in the court before Judge Langley. The tenensibility of realizing on its assets led the admission, which found expressan action brought against the bank M. F. Overtock. s story gained some circulation yesteror that a large amount of county funds - deposit, but investigation resulted turning up the fact that there was but $2,000 of county money in the bank. and bend furnished by the bank officers medicalders ample = is individuals 1 essurity for the small amount. in the complaint Mr. Overlock states that he had a deposit of $30 in the bank, that on October $ be drew a check R the amount on one of the regular for of the institution, which he predooks to the paying teller. This check, complainant states, was refused, and E Overlock was Informed by the officers of bank that there were not sufficient to - in the bank to meet the check, and furthermore that they could not or would pay the check or any part of it. not Overloak stated, and filed at the same time amidavit to the same effect, that he F believed the bank was indebted to demenitors in the sum of $11,000 and other curties $1,300 in bills payable. Its assets represented as being $580 in cash, bills medivable to the value of $8,000, and real estate, on its face value. $20,000. The plain= said he did not believe that the real estate was worth more than $10,000, and, as the bank cannot realize on its real eatate ner bills receivable sufficient to meet the demands of depositors and creditors, the complaint asks for a judgment for $30, Interest from October 8 at 7 per cent. until said and costs of action. The answer of the bank. filed at the same time, admitted all of the allegations a the complaint, except that portion in skich its assets are represented as being worth less than face value. The answer - signed by Edward P. Tremper, as vice president. All of the parties to the suit were in court yesterday, and the result of the hearing was a judgment against the bank to favor of Overlock for $30, Interest and costa, and the appointment of a receiver, W. J. Shinn, whose bond was fixed at with two sureties. Mr. Shinn also Bled his acceptance of the trust. Inquiry at the office of the county treasdrop adduced the information that the hand of both the officers of the bank, and themselves and wives as individuals, had hours made out for $75,000 to Treasurer Mapleand that the office considered the security good. It was also learned that when the Bank of Auburn failed, after making $ the showing in its report, the county treasurer determined to reduce deposits in country banks, and with that end in view the amount in the Bank of Kent has withis the past three months been reduced from $6,000 to the amount named aboveThe exhibit made in the recitation of the value of the bank's assets and the amount of its liabilities gives a balance is favor of the former of $14,200. Admitting that the real estate has depreciated 50 per cent, as stated in the complaint (which the defendant denies). there is a balance on the right side of the ledger of $4,200. The bond given the county treasurer by the bank, as custodians of county funds. TU signed by Eben 8. Osborne, president: and R. L Blaine, as secretary, and by E. a Orderne, Carrie M. Osborne, E. L. Blaine, Julia H. Blaine, Edward P. Tremper and Hattle A. Tremper. Frank Jobst. the wholesale poultry dealor and commission merchant of this city, Dell a check on the bank signed by Berlin Brea. of Kent. A day or so before he had delivered an order of sugar to Berlin Brea. and had received the check in payment. He was called up by telephone from Kent yesterday morning and asked If be had cashed the check yet. "No," answered Jobst. "Well. you'd better hurry up." was the reply. "the bank has gone fate the hands of a receiver." Frank Sebet waited to hear no more, but banging - the receiver, he rushed up town and got his money. The rest of the day he fortune. spent congratulating himself on his good

2. October 31, 1896 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, October 31, 1896

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Nent Bank's Assets and Liabilities. W. J. Shinn. receiver of the Bank of Kent, has filed a report in the superior court showing the assets and liabilities of the bank. The total assets amount to $30.70.95, and the total liabilities are $11,459.68. 68. total capital stock of the bank is $35.of which $15,000 has been subscribed fully paid up.

3. November 17, 1896 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, November 17, 1896

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REAL ESTATE TRANSFERS. I Transactions Since January 1 and for Yesterday. Real estate transactions since January 1. 1896, are $3,885,254.80. There were filed for record yesterday sixteen deeds, aggregating $14,842.50. Following is a list furnished by the Daily Bulletin, room 13, Occidental block: James Stewart to E. Weinheim. und 1/2 Int in se nw see 12 and lot 2 in SW sec 12, 26. 10. less 400x5,400 ft along e line of said lot 2. November 11. $1,000 E. Weinhein to Charles Tecklenburg. und % int in se nw sec 12 and und % lot 2 in se SW sec 12. 26, 10. Charles B. Ford to Elizabeth A. Maltby, lot 3, Lake Dell, $ acres, September 17, $2,500. Sheriff to Elizabeth A. Malthy, lot 3, Lake Dell. October 21. $280. John H. and Lizzie Ranta, Tom and Sofia Niemi to King county, right-of-way for road across part of ne sec 15, = 5, October 22 Sheriff to New England Mortgage Security Co., pif., nw sec 9, If 8, 160 acres, November 16, $10,154.50. John Quigley et UX. to Frank D. Black, lots 17 and 18. block 3. Black's Elliott Bay add. November 6, 1894, $600. Frederick Teller to Frank D. Black, lots 27 and 32, block 3, Black's Elliott Bay add, November 20, 1891, $1. Artimus Boyce et UX. to Albert George, s½ SW ne se: 3. 24, 6, March 18, 1895, $300. E. P. Tremper et ux. to W. J. Shinn, receiver of Bank of Kent. be sec 4. 16, 2 80 acres, November 11, q. c., $1. J. H. Powell et UX. to same, lots : and 8, see 27. 21, 5, November 12, 4. e., $1. Same to same lot 3 and all lot 2, block

4. December 10, 1896 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, December 10, 1896

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Report on the Bank of Kent. W. J. Shinn, receiver of the Bank of Kent, has filed a report In, which be says that claims to the amount of $6,892.05 have been filed against the bank. There are other claims filed which are proper as to amount, but the claimants ask that the same be set off against obligations due the trust from c.aimants. Tue receiver has received since he assumed charge of the bank $541.54, has expended $35, and still has a balance of $506.59 on hand. He suggests that the court fix the compensation of his attorney, as It will be necessary for him to devote considerable time to the business of the trust during the next five or six months, and suggests that he be granted a reasonable monthly allowance.

5. December 17, 1896 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, December 17, 1896

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# Want a New Receiver. D. A. Neely, S. B. Crockett, F. W. Peabody and thirty-four others, creditors of the Bank of Kent, filed a petition in the superior court yesterday asking that Receiver W. J. Shinn be removed from the position he now occupies, and that some disinterested individual be selected to fill the place. It is alleged that W. J. Shinn, W. H. Overlock, E, S. Osborn, E. P. Tremper and E. S. Blain entered into a conspiracy to have Shinn appointed receiver of the bank for the reason that they were indebted to the bank in large sums at the time the bank was placed in the hands of a receiver; that the receiver has asked the court to provide for the salaries of himself and his attorney, John P. Hartman, jr., for the next six months, and that the bank is a small concern with small assets and is therefore not calculated to stand drains of this kind; that since Shinn was appointed receiver he has only collected $41.57, less $287.54, which latter sum was on hand and passed into his custody when the affairs was placed in his hands, and that the bank's affairs could be better cared for by some one else. It is therefore prayed that a disinterested person be appointed receiver. Judge Langley set down the case for hearing tomorrow.

6. January 9, 1897 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, January 9, 1897

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The prosecuting attorney was yesterday directed, by an order of the board of commissioners, to commence action against County Treasurer John W. Maple and the sureties on his bond to recover the sum of $16,074.18, which the board finds to be the amount of shortage in the setCement of the treasurer's accounts up to December 31. The action of the commissioners implies no question of the treasurer's honesty, for the total of certificates of deposits and cash on hand, as compared with the balance sheet, shows a difference of only 84 cents, and that in favor of Mr. Maple. The shortage is brought about by the refusal of the board to accept the certificates of deposit of receivers of insolvent banks. These certificates are as follows: Bank of Kent, $2,850; Merchants' National bank of Seattle, $7,192.33; Dime Savings bank of Seattle, $1,700; Bank of Auburn, $4,331.85; total, $16,074.18. Treasurer Maple has already commenced proceedings against the several receivers for the recovery of these amounts, and the order of the commissioners that suit be brought against his bond is merely a protective measure. Following is a part of the order showing an account of the moneys at present in the county treasury and on deposit in insolvent banks: "Fred Gasch and W. H. Heaton, county commissioners: Nathan Beman, county auditor. and F. A. Twichell, deputy county auditor, having at the close of business on Thursday, December 31. 1896, counted the currency, coin and checks in the hands of John W. Maple, treasurer of King county, Washington, found that he had in his hands as follows: 25.00 $ Currency 4,125.00 Gold coin 132 70 Silver coin 6.30 Nickel 5-cent pieces 7 00 Pennies Check. F. S. Twichell. on Puget 10 00 Sound National bank. Seattle Check, F. S. Twichell, on Puget 10 00 Sound National bank, Seattle. Check. F. S. Twichell. on Puget 6 50 Sound National bank. Seattle Check, D. Stewart. on BakerBoyer National bank, Walla 87 25 Walla 32 66 Postal money order issued at Kent Three slips for shortages in re1 62 mittances, 11c, 58c, 93c $4,444.03 Total cash items "And the said John W. Maple, county treasurer. having this day filed with the board certificates from banks and bankers. showing deposits in banks solvent and now doing business in the city of Seattle, county of King, state of Washington. which said certificates show deposits of said John W. Maple, county treasurer, in solvent banks to be as follows at the close of business December 31. 1896, (less checks dated on or prior to December 31, 1896, and unpaid): People's Savings bank, of Seattle. 4,000 00 5,234 74 Seattle Savings bank, of Seattle. Scandinavian American bank, of 13,807 05 Seattle National Bank of Commerce, of 48.606 44 Seattle 16.590 50 Boston National bank, of Seattle 22,386 51 First National bank. of Seattle Dexter Horton & Co., of Seattle 37,999 70 Washington National bank, of Se21,842 95 attle Puget Sound National bank, of 26,831 96 Seattle $197,299 85 Total

7. February 11, 1897 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, February 11, 1897

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New Suits Filed. Actions were begun yesterday in the superior court as follows: John F. Brewer V8. John Todd et ux.Deed of conveyance. Stetson & Post Mill Company vs. Duwamish Dairy Company and Washington Dredging Company-Notice of appeal from the board of state land commissioners. Mrs. Mary Clough vs. Edgar G. Clough -Divorce, W. J. Shinn, receiver of the Bank of Kent, vs. Eben S. Osborne et al.-Promissory notes, $2,960, and foreclosure of chattel mortgage. Louisa Cooke vs. James T. Cooke-Divorce.

8. March 7, 1897 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, March 7, 1897

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Court Notes. Trial of the Lowman divorce case is set for Saturday, March 13. The Bank of British Columbia asks for a new trial of its suit against Richard Jeffs. A new trial is prayed for by the defendants in the case of W. H. Peter vs. Thomas F. Drew et al. The divorce case of Annie E. Beach against Walker H. Beach will be heard by Judge Jacobs March 12. Default of certain defendants has been entered in the case of Dexter Horton & Co. against Charles H. Lombard et al. Default of Rothschild Bros., defendants, has been entered in the case of Myer Gottstein against D. K. Howard et al. Default of defendants W. B. Clowe and Annie P. Clowe has been entered in the case of H. M. Chase vs. H. E. Holmes et al. A judgment amounting to $173.15, obtained in 1894 by the State Insurance Company against Andrew J. Prentice, has been bought in by the defendant for $20. Transcript on appeal from Justice Ingersoll was filed yesterday in the case of Garcia Maggini against J. T. Kelley. The Justice's decision was for the defendant. Sheriff Moyer has made return of sale of mortgaged premises in the case of Mary Richardson vs. Helena M. Nash et al. The property was bid in by the plaintiff. Judge Moore has given judgment for costs in favor of the Seattle Title Insurance and Trust Company, in the case of W. J. Shinn, receiver of the Bank of Kent. vs. E. S. Osborn et al. In the case of George Londerville vs. William Wiles, Sheriff Moyer has been directed to sell the shingles of defendant in which plaintiff claims a lien, to Carstens & Earles, that firm having made the best bid. Sheriff's sales of mortgaged premises have been confirmed as follows: George E. Wright vs. Thomas V. Downey; C. E. Burns vs. Geo. E. Hall et al.; W. A. Farley vs. L. N. Bigelow et al. In each case the sale was made to plaintiff. Judge Moore has confirmed the sale under execution of the mortgaged premises in the case of the Nevada Bank of San Francisco vs. A. W. Piper and wife. The bank was the purchaser, and the property is lot 7, block 45, Bell heirs' second addition. In the case of the A. P. Hotaling Company against George K. Coryell, administrator of the estate of Henry Robbins, deceased, Judge Moore renders judgment in favor of plaintiff for the sum of $3,763, interest and costs. Order of sale is made for the mortgaged premises. In the case of William Farrell against Samuel D. Gustin et al., the following defendants have been declared in default: Samuel D. Gustin, Emma L. Gustin, George W. Tibbetts, Rebecca A. Tibbetts, the Merchants' National Bank of Seattle, W. C. Weeks, Judge R. Andrews, Boston National Bank of Seattle, David W. Phipps, Babette Gatzert, Louis Schwabacher, Abraham Schwabacher and Sigmund Schwabacher as executrix and executors of the will of Bailey Gatzert, W. V. Rinehart, sr., John B. Ault, D. S. Swerdfiger and James Hagan, sheriff of Snohomish county.

9. February 6, 1898 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, February 6, 1898

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Court Notes. Judge Jacobs yesterday administered the oath of allegiance to Andrew Willman. Charles M. Close was yesterday granted leave to sue Receiver W. J. Shinn, of the Bank of Kent. License to wed was granted yesterday to Fred C. Baker (26) and Mrs. Addel Hiser (22). both of Seattle, An order of default was signed by Judge Benson yesterday in the case of A. E. Hart et al. vs. P. R. Pratt. In the case of the City of Seattle V8. Jones et al., an order of default was signed yesterday by Judge Benson. The appraisement of the estate of Henry T. Heuss, deceased, was filed yesterday, showing real and personal property to the value of $2,083. Judge Benson yesterday appointed John Davis receiver in the case of Alfred Crebhin vs. Ella M. Sanderson et al. His bond was fixed at $500. Alots Pfester an inmate of the county poor farm, was yesterday committed to the insane asylum. He thinks that hundreds of people are trying to kill him. Judge-Benson yesterday signed a judgment in the case of Joseph Wittaker vs. Allen Crook for $2,964.07. $450 attorney's fees, and for foreclosure of mortgage. The appraisement of the estate of Charles Ross, deceased, was filed yesterday, showing personal property to the value of $4.44 and real property worth $1,400. Judge Jacobs yesterday signed an order restraining William H. Garlinger from interfering with Emcella Garlinger until their divorce suit, now pending. has been settled. In the case of People's Savings Bank vs. W. J. Blackwell, Judge Benson yesterday signed an order of default and a decree of judgment in the sum of $2.92.3 with Interest at 10 per cent., and $296.24 attorney's fees.