First State Bank - Newport, WA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: November 1, 1907*
Location: Newport, Washington (48.181, -117.047)

Metadata

Model: gpt-5-mini
Short Digest: 253a5197

Response Measures

None

Description

Articles report that the First State Bank of Newport practically suspended payments during the panic (payments partially suspended in November–December) but resumed at the first of the year; the bank was then sold to local/Spokane capitalists and accountants found the books correct. No depositor run is described.

Events (2)

1. November 1, 1907* Suspension

Cause: Macro News
Cause Details: Payments were practically suspended during the financial panic/crisis (late 1907); deposits fell from about $180,000 to $70,000 over six months and the bank paused payments during November–December period before relief at year start.
Newspaper Excerpt: During several months payments were practically suspended by the bank.
Source: newspapers

2. January 1, 1908* Reopening

Newspaper Excerpt: since the first of the year conditions had been considerably relieved, and ... payments had been resumed again at the first of the year, and an examination of the books of the bank disclosed no shortage, ... the new company assumed control of the bank this morning. The sale had been entirely completed, save for the signing of some papers, and will not be affected by Thomas' death. The bank was in a good condition, and ... during the crisis of the panic they had suspended payments, they had been resumed again at the first of the year, and an examination of the books of the bank disclosed no shortage, but on the contrary developed the fact that everything was correct and the institution sound. (combined excerpts).
Source: newspapers

Newspaper Articles (3)

1. April 13, 1908 Coeur D'alene Evening Press Coeur D'alene, ID

Article from Coeur D'alene Evening Press, April 13, 1908

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Article Text

FORMER CITIZEN TAKES OWN LIFE G. S. Thomas Drinks Strychnine Solution at Hotel in Spokane G. S. Thomas, cashier of the First REACH SAN DIEGO TOMORROW State bank of Newport, Wash., and founder, together with William DolWill Receive a Hearty Welcome by lar. of the Exchange bank of Coeur Californians. 0. l'Alene, now the Exchange National SAN DIEGO, Cal., April 13.-The AN bank, committed suicide Saturday Atlantic fleet was reported last night night at the Colonial hotel in Spoby wireless as well along on its way kane by drinking a solution of strychto San Diego, and will be in position nine. Mr. Thomas had gone to Spoto anchor precisely at 1 o'clock tokane Saturday afternoon and engaged morrow. The ships will lie in division formation, or four lines of four a room at the hotel in the evening. vessels each, off Coronado beach. He retired early, and his act of suiThousands of persons made the trip cide was not discovered until yesto Coronado today to view the anterday at noon. chorage grounds. Other throngs Financial troubles, unhappy dogathered along the wharves to get a mestic relations and worry over the near view of the little tender Yankderangement of a son's mind, due to ton and the repair ship Panther, injuries received in the Great Northwhich made the notable trip with the ern wreck at Milan, Wash., are given fleet through Magellan strait and are as causes for the banker's act of selfnow anchored in the harbor. destruction. The institution of which ne The last details of the welcoming Thomas was cashier and a heavy ceremonies in this the first home port stockholder, like other banking instiCH to be touched by the fleet have been tutions, felt the effect of the financial completed. The ships will remain depression. Mr. Thomas had suchere for four days before resuming ceeded, however, in carrying this the journey up the coast. safely through the panic, and in conUpon casting anchor tomorrow aftsummating a sale of the institution ernoon the flagship Connecticut will to a company known as the Security be visited by Mayor Forward of San State bank of Newport. The sale had Diego and by Chairman William C. IC been entirely completed, save for the Layton of the local fleet celebration signing of some papers, and will not committee. They will extend to Rear be affected by Thomas' death. The Admiral Thomas a formal greeting bank was in a good condition, and and will submit to him for approval p. while during the crisis of the panic the detailed program of the four had suspended payments, they had days' stay. Tomorrow evening red been resumed again at the first of signal fires along the beach will burn the year, and an examination of the N a welcome to the ships, and in return books of the bank disclosed no shortthe men of war will be illuminated ER age, but on the contrary developed by thousands of incandescent bulbs the fact that everything was correct from 8 to 11 p. m. A searchlight and the institution sound. The new drill will add to the evening speccompany assumed control of the bank tacle. A banquet to the flag and this morning. Mr. Thomas' private commanding officers at the Hotel del fortune, aggregating something like Coronado tomorrow night will round $25,000 or $30,000, was, it is said, out the first day's events. n no way impaired, and he was inParade on Wednesday. S terested in a number of business inOn Wednesday, April 15, the full stitutions in Newport. fleet brigade of nearly 5000 men will Fred Stevens, the assistant cashier be landed from the ships at noon, and of the bank, was notified upon the at 2 p. m. will begin a parade liscovery of the suicide of Thomas, through the principal streets to the ind immediately went to Spokane to city park, where the formal exercises ook after the funeral. According to of welcome will be held. Here Gov0 statement given out by him, Thomernor J. N. Gillett of the state of s' death was due to his wory over California and Mayor John F. Forhe bank's condition, and it was his ward of San Diego will voice the elief that the relief experienced by greetings of commonwealth and muhe shifting of the load he had carnicipality. Admiral Thomas will be ied from his shoulders. by the sale asked to accept in behalf of himself the institution caused him to sufand the officers and men of the fleet er a collapse. The fact that his the freedom of the city. He also will vife was separated from him most be presented with a silver-mounted the time, and the fact that his cut glass buffet service as a token of on, G. L. Thomas. 21 years of appreciation from the residents of ge, was under treatment in a sanithis city. Admiral Thomas will acarium in Spokane for the derangecept in trust for Admiral Evans a nent of his mind, occasioned by ingolden key to the city, presented by uries received in the Milan railroad the citizens, and a sword given by the freck, contributed to the banker's G. A. R. It is expected that the admiral will make a few remarks. ct. Prior to engaging in the bankng business with Mr. Dollar of this The city and the fleet will be ilty in 1901, Mr. Thomas had been luminated Wednesday night and there will be also on this evening a ngaged in business at Aberdeen. Vash. His wife, it seems, was not ball at the Hotel del Coronado in honor of Admiral Thomas and the atisfied to live elsewhere, and durg Mr. Thomas' residence in this officers of the fleet. Admirals Sperry and Emory will be presented with ty, as was the case after moving to gold medals in commemoration of ewport. she spent most of her time this visit. Aberdeen. This, it is said. wored and made him depressed and On Thursday will be a picnic in the country for officers and boat races espondent. The accident to his son, for the men. Thursday night there hich unbalanced his mind, occurred will be an elaborate display of firebout two years ago, when a Great works from a barge anchored in the orthern train was ditched at Milan, bay. ash. Prior to this accident the Friday forenoon and afternoon the y's mental faculties had been good. enlisted men will be given the freeid the father, it is said, worried dom of the city, and all sorts of enry much over his son mental contertainments have been planned for tion. them. Practically all of the theaters Mr. Thomas leaves. besides the will open their doors to the men in fe and soon, a daughter. 13 years uniform. There will be baseball age: a brother at Hatton. Wash.: matches. a wild west show and inbrothers and a sister and mother numerable features. Friday night a McCord. Mich.. and a father at ball to the junior officers at Hotel del dison, Cal. Coronado will mark the close of the Mr. Thomas was engaged in the fleet's visit. the ships getting under king business with Mr. Dollar of way at 6 a. m. on Saturday. city a little over a year. Subseto the severance of his conJohnson in Louisville. tion with the bank he went to LOUISVILLE, Ky., April 13.port and founded the bank there Governor Johnson of Minnesota is in which he was cashier at the time Louisville today and will deliver his suicide. Mr. Thomas was well first important political speech of the wn in the city and possessed campaign before the Louisville Comfriends here who will grieve to mercial club. of his death.

2. April 16, 1908 The Newport Miner Newport, Old Town, WA

Article from The Newport Miner, April 16, 1908

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DEATH OF G. S. THOMAS Ended His Life in Spokane Hotel Saturday Evening. Was Prominent in Local Business Sunday afternoon the news arrived from Spokane that G. S. Thomas, cashier of the First State Bank of Newport, had been found dead in a room in the Colonial Hotel at Spokane, death being the result of a dose of poison self-administered. Mr. Thomas left Newport Friday and was at Coeur d'Alene on that day. On Saturday he went to Spokane and, registering at the Colonial, retired early in the evening. After drinking a solution of strychnia sulphate he laid down on the bed without removing his clothes. His body was found shortly before noon Sunday and the coroner notified, who sent word to Newport friends of the deceased. Before taking poison he had written on an envelope, which he placed on a table beside the bed, "I am G. S. Thomas, of Newport, Wasn." No other note or communication explaining his rash deed has been found. Assistant Cashier Fred Stevens, of the First State Bank, went to Spokane on the next train, to look after the remains and notify relatives of the deceased. During the past winter Mr. Thomas labored under a severe strain in the management of the affairs of the First State Bank. During several months payments were practically suspended by the bank. but since the first of the year conditions had been considerably relieved, and a sale of the bank to local and Spokane capitalists had been consumated last week. Mr. Thomas put up a brave fight against odds in the management of the bank's affairs, and his worry over business matters seems to have proved more than he could stand.® An examination of the affairs of the First State'Bank made on Monday by Ellis LeMaster, of the firm of Cannon & LeMaster, public accountants, of Spokane, showed that the books of the bank checked out exactly and that the cash as reported was intact in the bank. committee of the directors of the Securitv State Bank, also passed upon the books and securities of the First State and satisfied themselves that everything is in good shape.

3. April 16, 1908 Aberdeen Herald Aberdeen, WA

Article from Aberdeen Herald, April 16, 1908

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SCOTT THOMAS DIES COUNTY POLITICS BY HIS OWN HAND IN A SPOKANE TROUBLE AHEAD FOR REPUBLICAN HOTEI. BOSSES. Former Well Known Resident of AbHoquiam and East End Line Up erdeen Commits Suicide by Taking Against Aberdeen. Primary Law Poison, Was Banker at Newport, Confuses Old Time State Makers. Wash. Carried the Bank Safely A Montesano Attorney Wants to Through the Panic. Name Superior Judge. SPOKANE, April 14.-After carryThe waters of republican county ing the bank of which he was an ofpolitics have been somewhat muddy ficer through the financial stringency, since the meeting of the county cenand successfully consummating the tral committee in this city last Satsale of the institution to a group of urday, and all indications point to a local capitalists, G. S. Thomas, cashdelightful scrap for place and power ier of the First 'State bank of Newin that party between now and the port, Wash., committed suicide SatNovember elections. urday night by taking strychnine, his There seems to be a sure enough body being found in a room at the frame up against the domination of Colonial hotel, Main avenue and Post Benn, Archer & Co., that bodes disstreet Sunday noon. aster to the erstwhile bosses. HoThomas came to Spokane from quiam, Cosmopolis, Montesano, Elma a Newport Saturday and engaged and Oakville appear to be lined up room at the Colonial, retiring early solidly against the Aberdeen statesin the evening. After drinking a somen. This coalition cropped out at lution of styrchnia sulphate he laid the committee meeting, when the down on the bed without removing Aberdeen contingent wished to ignore his clothes. His body was found the primary law in the selection of shortly before noon and Coroner delegates to the county convention, Miller was notified. Before taking but were unable to swing Hoquiam, the poison he had written on an enMontesano and Elma into line, and velope which he laid on a table bethose towns will elect delegates at side the bed, "I am G. S. Thomas of a primary election, while Aberdeen Newport, Wash." will call a mass caucus for the purUnhappy domestic relations and pose-and we all know what an Abworry over business troubles are giverdeen mass political caucus means. en as the cause of his act. His acThat this line-up is real is evicounts with the bank are said to be denced by the following, extract absolutely accurate. That the sudfrom a political article in the Hoden relief resulting from the sale of quiam Washingtonian: the institution after successfully "A short time since, the gentlemen struggling through the flurry prewith political perspicuity picked cipitated a nervous collapse is the besheriffs,, assessors, prosecuting attorlief of Assistant Cashier Fred Stevens neys and divers other officials with of the Newport bank. During Novthe nonchalance of a French gourember and December payments were mand selecting a chev d'ourve, partially suspended by the bank, but but what they will be able to do this since the first of the year they were time will depend upon what the Horesumed. Deposits had been reduced quiam organization and the eastern in the last six months from $180,000 end of the county agree upon." to about $70,000. While the present contest only afSeveral weeks ago a company was fects the delegates to the county, organized to establish a new bank in state and national conventions, all Newport which would take over the kinds of deals for county positions are deposits of the old bank, liquidating said to be involved, notwithstanding the former institution and assuming the fact that the bosses are somewhat its liabilities. The signing of a few in the air when questioned as to how papers was the only thing lacking for they mean to deliver the goods, in the consummation of the deal, and it view of the primary law, which takes was intended to do that Monday, the the naming of the ticket from them new company assuming control imand returns it to the people, who lost mediately. No change will be made it through carelessness, or had it in the plans as the negotiations had stolen from them. A forlorn hope been completed and the books of the they have in the supreme court. That old company examined and found cortribunal has the constitutionality of rect. the primary law now before it and Mr. Thomas' relations with his may decide it to be invalid. But, wife were unhappy, a condition, howeven if it should, Gov. Mead has anever, which not even his associates in nounced his intention, in the event the bank can explain. A son, G. L. of such a decision, to call a special Thomas, 21 years old, is in a sanisession of the legislature for the extarium near Portland under treatpress purpose of passing a law that ment for injuries received in the will hold. In that case the present Great Northern wreck at Milan, emasculated act might be succeeded Wash., two years ago, which affected by one that would come nearer the his mental powers. Despondency over wishes of the people, and really put his son's condition also is given as a the bosses out of business. possible contributory cause. Although the law distinctly proHe leaves a brother, Sam Thomas, vides for a non-partisian judiciary, it a rancher living about nine miles appears that the position of superior from Hatton, Wash., who was a judge is already being made an artistockholder in the Newport bank, the cle of barter and trade. All are intwo brothers owning between them terested in a capable, unbiased judge, 50 per cent of the stock. A daughter, and the Chehalis county bar-with Degrovia Thomas, aged 13 years, is at one possible exception-is with the Aberdeen, Wash. His father, Jonapeople in the matter of a strict adthan Thomas, is at Madison, Cal., and herence to the law in his selection. he leaves two brothers and a sister Lest the Herald be suspected of exand his mother living at McCords, ercising its imagination for political Kent county, Mich., his former home. effect in this, we print the following Before going to Newport and orfrom the Bulletin, in speaking of the ganizing the bank there Mr. Thomas internal contest in republican ranks: was associated with William Dollar "One of the questions entering into in the Exchange bank of Coeur the strife is the matter of superior 'Alene, Idaho, now the Exchange judge. Mr. Abel and his friends inNational bank. He was engaged in sist on promise of support for Judge the banking business at Aberdeen, Irwin before they will play ball in Wash., previous to that, and received E. B. Benn's back yard, and Benn his training in a bank in Lowell, says he will make no such promise. Mich. So, there you have it."