22252. First Bank of Orting (Orting, WA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
February 18, 1892
Location
Orting, Washington (47.098, -122.204)

Metadata

Model
gpt-5-mini
Short Digest
ad8990f7

Response Measures

None

Description

Articles report the bank closed after a protested draft and George H. Boardman was appointed receiver (Feb 18-20, 1892). No run or depositor crowding mentioned. Insolvency/loose management and alleged improper removal of securities by officers are described; bank remained in receivership and legal actions followed.

Events (3)
1. February 18, 1892 Receivership
Newspaper Excerpt
George H. Boardman has been appointed receiver of the First Bank of Orting, upon the application of E. A. Lorenz ... he claiming that the institution was insolvent, having ... drawn a draft ... The draft was protested and the bank at Orting closed.
Source
newspapers
2. February 18, 1892 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Protested draft drawn when the Orting bank had no funds on deposit; insolvency and loose management alleged, large loans and improper removal of securities and funds by officers.
Newspaper Excerpt
George H. Boardman was today appointed receiver of the First bank of Orting ... The draft was protested and the bank at Orting closed.
Source
newspapers
3. March 13, 1892 Other
Newspaper Excerpt
The National Bank of the Republic ... has been ordered to turn over to Receiver Boardman ... notes aggregating $14,986 ... President Harry M. Ball and Cashier Yarrington ... instructed to pay their unpaid stock subscription, amounting to $5,000 each, to the Orting bank. A bad state of affairs was promised to be shown up when the books ... were examined.
Source
newspapers

Newspaper Articles (8)
1. February 19, 1892 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, February 19, 1892

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Article Text

Loose Management Wrecks & Financial Institution. SALVAGE OF THE WHALEBACK. The Anti-Chinese Agitation at Butte Conducted Within the Law. A Notorious Butte Saloon-Keeper Murders a Patron-Seattle Thief Captured at Salem-Mrs. White, the Ferndale Heroine, to Be Rewarded. TACOMA, Feb. 18.-[Special.]--George H. Boardman was today appointed receiver of the First bank of Orting upon application of E. A. Lorenz, a member of the board of trustees, he claiming that the institution was insolvent. having yesterday drawn a draft on the Citizens' National bank, of Tacoma, when it was known at the time that the Orting bank had no funds on deposit here. The draft was protested and the bank at Orting closed. About fifteen months ago the First Bank of Orting was organized with a capital of $25,000. Harry Ball, of this city, was president and T. D. Yarrington, formerly connected with the Tacoma National bank, was chosen cashier. At no time during its existence, it is said, did the bank have on deposit more than $15,000. Loose management is intimated, and it is feared Orting depositors will loose savings to the extent of half the capital stock of the bank. Mr. Ball says he had partially arranged to transfer what little stock he held to Mr. Yarrington, and did not pay much attention to the bank's affairs. President Ball said tonight: The bank is solvent. and the stockholders will lose nothing. It is thought the closing of its doors is a strange bit of financiering, as its chatcover tels will all liabilities. As for the protested draft, he claims that Lorenz had it drawn for himself, and at once applied for a receiver when it was protested. This was hasty aud unwarranted. Yarrington, Ball says, who had the management of the funds, had loaned them on hop ranches and other good property. Last November, when he returned from the East, Yarrington had overdrawn $11,000 at the National Bank of the Republic, of which Ball is president. He demanded a settlement, and Yarrington has since been paying up. Ball says the embarressment of the Orting bank will not affect the Bank of the Republic of this city.

2. February 20, 1892 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, February 20, 1892

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Article Text

The Orting Bank Suspension. Tacoma. Feb. 19.-[Special.]-Cashier Yarrington, of the First bank of Orting. denies the statement of Harry Ball, president of that institution, that he was not consulted about the affairs of the bank. He also denies that he had arranged to take Ball's stock, amounting to $4,200, on which he says $200 had been paid. Ball, he says, wanted him to take up his note with that given by himself, but he (Yarrington) would not do it. Yarrington says Ball's Tacoma bank refused to pay a draft of $475, which resulted in the closing of the Orting bank in the interest of depositors. The deposits were $5,000 when the bank closed, and it has loaned $22,000 monthly on real estate.

3. February 21, 1892 The Morning Call San Francisco, CA
Article from The Morning Call, February 21, 1892

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Article Text

QUEER FINANCIERING. A Washington Bank Asks for a Receiver and Suspends. TACOMA, Wash., Feb. 20.-George H. Boardman has been appointed receiver of the First Bank of Orting, upon the application of E. A. Lorenz, a member of the Board of Trustees, he claiming that the Institution was insolvent, having Wednesday drawn a draft on the Citizens' National Bank at Tacoma when it was known at the time that the Orting bank had no funds on deposit here. The draft was protested and the bank at Orting closed. About fifteen months ago the First Bank of Orting was organized with a capital stock of $25,000. Harry Ball of this city was President and T. D. Yarrington cashier. At no time during its existence, it is said, did the bank have on deposit more than $15,000. Loose management Is intimated, and It 18 feared that the Orting depositors will lose savings to the extent of half of the cabital stock of the bank. President Ball says the bank is solvent and the stockholders will lose nothing. It is thought the closing of Its doors is a strange bit of financiering, as its chattels will cover all liabillties. As for the protested draft, be claims that Lorenz had It drawn for himself and at once applied for a receiver when it was protested. This was hasty and unwarranted.

4. February 21, 1892 Los Angeles Herald Los Angeles, CA
Article from Los Angeles Herald, February 21, 1892

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Article Text

A Bank in Difficulties. TACOMA, Wash., Feb. 20.-George H. Boardman has been appointed receiver of the First Bank of Orting, upon the application of E. A. Lorenz, a member of the board of trustees, he claiming that the institution was insolvent, having on Wednesday drawn a draft on the Citizens National bank of Tacoma when it was known at the time that the Orting bank had no funds on deposit here. The draft was protested and the bank at Orting closed. About fifteen months ago the First Bank of Orting was organized with a capital of $25,000. Harry Ball, of this city, was president, and T. D. Yarrington, cashier. At no time during its existence, it is said, did the bank have on deposit more than $15,000. Loose management is intimated, and it is feared Orting depositors will lose savings to the extent of half the capital stock of the bank. President Ball said: "The bank is solvent and the stockholders will lose nothing." It is thought the closing of its doors is a strange bit of financiering, as the chattels will cover all liabilities. As for the protested drafts, he claims that Lorenz had it drawn for himself, and at once applied for a receiver when it was protested. This was hasty and unwarranted.

5. March 13, 1892 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, March 13, 1892

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Article Text

The Orting Bank Trouble. Tacoma, March 12.-[Special.]-The National Bank of the Republic of this city has been ordered to turn over to Receiver Boardman, of the First Bank of Orting, notes aggregating $14,986 and two notes of $700 each, delivered to it by Cashier Yarrington, of the Orting institution. President Harry M. Ball, of the National Bank of the Republic, and Cashier Yarrington, of the Orting bank, have also been instructed to pay their unpaid stock subscription, amounting to $5,000 each, to the Orting bank. At the time the Orting bank went into Receiver George H. Boardman's hands, having been declared insolvent by Yarrington when the Citizens' bank of this city protested its paper, Ball said he had arranged to turn his stock over to Yarrington, and this Yarrington has denied. A bad state of affairs was promised to be shown up when the books of the Orting bank were examined. And this is what Receiver Boardman's report shows: Capital stock $17,000, of which $6,500 was paid in; deposits, per trial balance, $4,253; deposits, per books, $4,721. Certificates of deposit show $988 outstanding, but the vouchers returned leave $1,600. In October Ball took from the bank as notes for $14,986, which he is now instructed to return. These securities were said to secure the National Bank of the Republic for $15,000 in notes signed by T. D. Yarrington as cashier. These notes, it is alleged, were made and the securities given without the knowledge or consent of the directors of the Orting bank. However, the receiver finds a balance of $10,071 still due the National Bank of the Republic.

6. March 20, 1892 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, March 20, 1892

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Article Text

THE ORTING BANK MUDDLE. Harry Ball and Cashier Yarrington Must Return the Funds. TACOMA, March 19.-[Special. ]-The superior court today found that President Harry Ball, of the National Bank of Republic, Tacoma, had without authority taken $14,000 in securities from the vauita of the First Bank of Orting of which he was president. Cashier Yarrington is also charged with taking a large sum of the bank's funds. The Orting bank recently went into the hands of a receiver. Ball and Yarrington are instructed to return the funds to the receiver. J. H. Mangels, of San Francisco, begun suit today to foreclose a $60,000 mortgage on the Donau Brewing Company's property here.

7. May 12, 1892 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, May 12, 1892

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Article Text

Bank President Ball Under Bonds. TACOMA. May 11.-Harry M. Ball, president of the National Bank of the Republic, was today put under $15,000 bonds to await the decision of the supreme court in contempt proceedings, adjudged by Judge Allyn. of the superior court. Mr. Ball was formerly president of the defunct First bank of Orting. Receiver George H. Boardman, of the Orting institution, secured the order of the court instructing Ball to turn over to him certain notes aggregating $12,986.34, which the defunct bank had held. Ball, at the time of the suspension of the Orting bank, said he had taken these notes in lieu of payments of accounts due the National Bank of the Republic. He refused to turn them over to the receiver, and Judge Allyn today adjudged him guilty of contempt. An appeal to the supreme court was taken.

8. March 31, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, March 31, 1893

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Article Text

Brief Tacoma News. TACOMA, March 30.-[Special.]-The Northwestern Churchman Company was incorporated here today, to publish a newspaper devoted to the interests of the Christian religion. W. H. Boardman, receiver of the First bank, of Orting, has been ordered to file a report on May 1. Some of the creditors have brought action claiming that he speculated with the funds. Boardman denies this.