22258. Palouse State Bank (Palouse, WA)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
June 6, 1893
Location
Palouse, Washington (46.910, -117.076)

Metadata

Model
gpt-5-mini
Short Digest
092b90a3

Response Measures

None

Description

Multiple newspapers (June 6–17, 1893) report the Palouse City/Palouse City Bank (here provided as Palouse State Bank) closed its doors or has suspended as part of the Spokane banking disturbances precipitated by the suspension of the Bank of Spokane Falls. The articles do not describe a discrete run specifically at Palouse nor mention receivership or permanent closure; contemporaneous reporting of other local banks emphasizes an expectation they will resume in a few days, so I classify this as a suspension with likely eventual reopening. I corrected the bank name discrepancy (articles say Palouse City Bank) but used the supplied bank name.

Events (1)
1. June 6, 1893 Suspension
Cause
Local Banks
Cause Details
Suspension occurred as part of contagion from the failure/suspension of the Bank of Spokane Falls and runs on Spokane banks; Palouse closed doors amid the regional banking panic/strain and could not obtain funds in time.
Newspaper Excerpt
The Palouse City Bank of Palouse City also closed its doors today.
Source
newspapers

Newspaper Articles (8)
1. June 7, 1893 The Indianapolis Journal Indianapolis, IN
Article from The Indianapolis Journal, June 7, 1893

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know nothing of his whereabouts. 1218 stated that he left his business affairs in bad condition. His property has been attached in a suit brought by Mrs. Charlotte Baker to recover $12,000 given to Mr. Merrill to urchase shares of stock for her. but since that time he has failed to turn them over to her. Other attachments are: Sarah A. Cohen. $40,000; Hepsebeth Fenton, $5,000; Susan D. B. Webber, $10,000; Robert M. Morse, $25,000; Lucia A. D. Long, $100,000. John F. Hooper. Mr. Merrill's private secretary, said to-day that Mr. Merrill had gone away for rest, on the advice of a physician. His financial affairs, his secretary says, are in good condition. and all claims against him will be promptly paid when he returns. Winthorp M. Merrill said to-day: "1 think it would be safe to estimate that after all my father's liabilities are met he would be worth from $100,000 to $200,000." Three More Spokane Banks Closed. SPOKANE, Wash., June 6.-As a result of the suspension of the Pank of Spokane Falls yesterday, three other banks in this city closed their doors to-day. They are the Washington National, the Washington Savings and the Citizens' National. A. M. Cannon, president of the Bank of Spokane Falls, is vice president of both the Washington National and Washington Savings Bank and the failure is due directly to the failure of the Bank of Spokane Falls. There great excitement during the run occurred on day and was a Washington nearly every Nabank in the city. The tional has a paid-up capital of $100,000, and according to a recent statement has deto $326,000. posits amounting The capital Wash- of 1D g ton Savings has a paid-up $50,000 and deposits of $100,000. The Citiof $150,000 and to about zens' deposits National amounting has a capital $400,000. It is believed all the banks are perfectly solvent and will resume in a few days. The Palonse City Bank of Palouse City, also closed its doors to-day. Bedford Bank Forced to Suspend. Special to the Indianapolis Journal BEDFORD, Ind., June 6.-The Bedford Bank this morning closed its doors. The president claims that owing to an unprecedented heavy run on the Chicago banks yesterday, which had promised assistance, the bank was forced to suspend. Depositors are promised to receive full value for every dollar. The bank 18 one of the oldest in the State. The exact amount of deposits 18 not known at present, but are supposed to be large. Packing House Attached. WICHITA, Kan., June 6.-The Laclede and Third National Banks, of St. Louis, and the Bank of Commerce, of Kansas City, to-day sued out attachments for $50.000 and $25,000, and $50,000, respectively, against the Francis Whittaker & Sone house. Late this evening N. packing of the property. The sheriff is in possession W. Levy, president of the Wichita National Bank, was appointed receiver. The plant here is valued at $200,000. Assignment of New England Publishers. BOSTON, June 5.-Potter & Potter, publishers of the New England Magazine, the Yankee Blade, the Woman's Home Journal, the American Vehicle and the Amesbury, have assigned to W. J. Clark, of this city. Isaac J. Potter said that the New England Magazine had broken the firm. and that the other publications were in good condition. The liabilities are between $75,000 and $100,000. A Wisconsin Bank Suspends. Lane The State

2. June 7, 1893 The Anaconda Standard Anaconda, MT
Article from The Anaconda Standard, June 7, 1893

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Spokane Banks Close. SPOKANE. Wash.. June 6.--The Washington National bank and its adjunct. the Washington Savings bank. closed their doors this morning. They were crippled by a quiet run yesterday. Both show strong assets in excess of liabilities, but could not get money in time for the sudden whirl. Other banks were subjected to a severe run. At 2 o'elock this afternoon. the Citizens' National bank closed its doors. It is reported here. on apparently reliable authority. that the Palouse City bank of Palouse. has also suspended.

3. June 7, 1893 The Daily Morning Astorian Astoria, OR
Article from The Daily Morning Astorian, June 7, 1893

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almost antirely subsided, but rener came too late for the Citizens' National, which closed its doors at 2 o'clock. Other banks stood the strain with no visible signs of weakening, and since they have been strengthening themselves, the worst of the flurry is believed to be over. It is generally believed that there will be no more suspensions. The officers of the Citizens' National are E. B. Hyde, president; B. C. Van Houten, vice president; A. A. Newberry, cashier. Congressman John L. Wilson, was a heavy stockholder. Mr. Hyde said tonlight that this bank would pay every depositor in full, and that enough would remain to hold the stock at a premium. The deposits at the time of suspension were slightly in excess of $200,000. while against this the bank has more than $400,000 in bills receivable. The officers of the Washington National are Henry L. Tilton, president; A. M. Cannon, vice president; F. E. Goodall, cashier. Mr. Goodall said that they would pay everything in full, and that the bank's assets are largely in excess of its liabilities. Deflance, Ohio, June 6.-The doors of the Deflance Savings Bank were closed yesterday afternoon. just before the close of business. Many of the stockholders did not know that such a step was in contemplation. The bank is the youngest in town. The assets net less than $150,000, and the liabilities are stated at $100,000. The failure is attributed to large loans made by the bank, which ties up some $127,000, leaving them too narrow a working capital. Bedford, Ind., June 6.-The community was startled this morning when the Bedford Bank failed to open its : doors. President W. J. Stanley explained that in consequence of the rey cent heavy withdrawals of deposits, $ the bank would be forced to suspend 1 for a few days. It is one of the oldest 5 and most reliable banks in the city. I Manitowoc,* Wis., June 6.-The State S bank in this city has failed. It had a capital of $50,000; surplus, $10,000. The I Manitowoc Savings bank is now experliencing a slight run. Reports from Racine say the run in progress on the Manufacturers' National bank at Madison, and the run on the First National, e have increased. Boston, June 6.-Potter & Potter, t < publishers of the New England Magazine, Yankee Blade, Woman's Home Journal, and other periodicals, have 1 made an assignment. Liabilities, $75,e 000 to $100,000. The firm may resume. S The failure is due to a losing business r e on the New England Magazine. r Spokane, June 6.-At 2 o'clock the I Citizens' National Bank closed its doors. It is impossible to get reliable S information. It is reported here on aph parently reliable authority that the t Palouse City Bank has also suspended. S New York, June 6.-A notice on e the door of the defunct Canal Street bank this morning informed a clamorh ing crowd of depositors that the bank k will go into liquidation, and that the , depositors will be paid in full. t Philadelphia, June 6.-Samuel A. n Prince, owner of the marble works e here and quarries in Ruthland, Vt., failed. Liabilities, $100,000. The noma inal assets are a quarter of a million. e t Portland, June 6.-The Virtue Mino ing Company assigned today Assets r $20,000; liabilities, $16,000.

4. June 7, 1893 Omaha Daily Bee Omaha, NE
Article from Omaha Daily Bee, June 7, 1893

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Washington Banks Close Their Doors. SPOKANE. Wash., June 6.-As a result of the suspension of the Bank of Spokane Falls yesterday three other banks in this city closed their doors today. They are the Washington National, the Washington Savings and the Citizens National. A. M. Cannon, president of the National Bank of Spokane Falis, is vice president of both the Washington National and Washington Savings banks, and the failure is due directly to the failure of the Bank of Spokane Falls. There was great excitement during the first day and a run occurred on nearly every bank in the city. The Washington National has a paid up capital of $100,000, and, according to a recent statement, has deposits amounting to $326,000. The Washington Savings has a paid up capital of $50,000 and deposits amounting to about $400,000. It is believed all the banks are perfectly solvent and will resume in a few days. The Palouse City bank of Palouse City also closed its doors today.

5. June 9, 1893 The Weekly Tribune Great Falls, MT
Article from The Weekly Tribune, June 9, 1893

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Bank Failures at Spokane. SPOKANE, Wash., June 6.-As a result of the suspension of the Bank of Spokane Falls, yesterday, three other banks in this city closed their doors today. They are the Washington National, Washington Savings and Citizens' National. A. McCannon, president of the bank of Spokane Falls, is vice-president of both the Washington National and Washington Savings bank and the failure is due to the failure of the Bank of Spokane Falls. It is believed all banks are solvent and will resume in a few days. Palouse City bank of Palouse City also closed its doors today.

6. June 10, 1893 The Dalles Times-Mountaineer Dalles, OR
Article from The Dalles Times-Mountaineer, June 10, 1893

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More Bank Failures. SPOKANE, June -The Washington National bank and its adjunct, the Washington Savings bank, closed their doors this morning. They were crippled by a quiet run yesterday. Both show strong assets in excess of liabilities, but could not get the money in time for the sudden whirl. The other banks are being sub jected to a severe run, but seem to be standing the strain weil. At the hour of 1:15 a quieter feeling prevaile, and there is nothing to indicate that a heavy run is being made on any of the banks. Shortly before noon Cashier Cowley, of the Exchange National, came out and said to a crowd of loafers hanging around the steps: "If you fellows want your money, come in and get it; if you don't, clear out and attend to your business." This had a good effect; he crowd dispersed and confidence was restored. Since closing its doors, the Washington National has received a large amount of money and more is expected tomorrow. It is thought the bank will immediately resume. At 2 o'clock the Citizens' National closed its doors. It is impossible to get reliable information. It is reported here on apparently reliable authority that the Palouse City bank has also suspended.

7. June 15, 1893 The Princeton Union Princeton, MN
Article from The Princeton Union, June 15, 1893

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General News. The Bedford bank at Bedford, Ind., has suspended. Rains have improved crop prospects in Kansas. Morris Schwerin, a trunk dealer at New York, has failed, owing $250,000. The Palouse City Bank of Palouse, Wash.. has suspended. The senatorial reapportionment bill was passed by the Illinois senate. A Finback whale forty feet long was killed by fishermen off Sandwich, Mass. J. T. Wiggins, 2 Long Branch, N. J., civil engineer. died from a fly bite received in a Texas bayou. A mortgage for $8,000,000 has been placed on the property of the Whisky Trust to secure an issue of bonds The New York authorities refuse to permit a bull fight to take place in that city. Fifty-seven waiters in John Wanamaker's restaurant at Philadelphia are on a strike for better food. W. W. Johnson & Co., whose plant is cne of the largest in Cincinnati, will withdraw from the whisky trust. Judge Woods, in Chicago, ref ses to grant an injunction restraining Sunday opening at the fair. The Carnegie Land company of Johnson, Tenn., has failed. The assets, consisting of notes, are $500,000, and the liabilities $100,000. Capt. Henry Bartlett, of the sealer Algerine, will command the steamer Falcon, which will this year convey the Peary expedition north. The addresses of Cardinal Gibbons in favor of the restoration of the temporal power of the pope have drawn a message of thanks from the Vatican. Samuel F. Prince, owner of the steam marble works in Philadelphia and Rutland, Vt., has failed, with liabilities of $100,000 and nominal assets of $250,000. Stringency of the money market is the cause. The suit of William R. Laidlaw against Russell Sage for $50,000 damages has been dismissed. Laidlaw alleged that Sage used him as a shield at the time the bomb was exploded in Sage's office. The supreme court of Nebraska, by a vote of two to one, has declared Secretary of State Allen, Attorney General Hastings and Commissioner of Public Lands and Buildings Humphrey innocent of the charges brought against them by the legislature. Chief Justice Maxwell was the dissenter. He held that the three men were guilty of misdemeanor in office and should be forever debarred from holding positions of trust in the public service

8. June 17, 1893 The Dickinson Press Dickinson, ND
Article from The Dickinson Press, June 17, 1893

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Terms have improved crop in Kansas. Morris Schwerin, a trunk dealer at New York, has failed, owing $250,000. The Palouse City Bank of Palonse, Wash.. has suspended. The senatorial reapportionment Lill was passed by the Illinois senate. A Finback whale forty feet long was killed by fishermen off Sandwich, Mass. The Merchants National bank at Fort Worth, Tex., has been closed by an examiner. J. T. Wiggins, .' Long Branch. N. J., civil engineer. lied from it ily bite received in it Texas bayon. A mortgage for $8,000,000 has been placed on the property of the Whisky Trust to secure an issue of bonds. The New York authorities refuse in permit it bull light 10 take place in that city. Fifty-seven waiters in John Wanamaker's restaurant at Philadelphia are on a strike for better food. W. W. Johnson & Co., whose plant is one of the largest in Cincinnati. will withdraw from the whisky trust. Judge Woods. in Chicago, refuses to grant an injurction restraining Sunday opening at the fair. The Carnegie Land company of Johnson, Tenn. has failed. The assets, consisting of notes. are $500,000, and the liubilities $100,000. Capt. Henry Bartlett. of the sealer Algerine. will command the steamer Falcon, which will this year convey the Peary expedition north. The addresses of Cardinal Gibbons in favor of the restoration of the temporal power of the pope have drawn it messago of thanks from the Vatican. Samuel 1. Prince. owner of the steam marble works in Philadelphia and Rutland, Vt., has failed, with liabilities of $100,000 and nominal assets of $230,000. Stringency of the money market is the cause. The suit of William R. Laidlaw against Russell Sage for $50,000 damages has been dismissed. Laidlaw all leged that Sage used him as a shield at the time the bomb was exploded in Sage's office The supreme court of Nebraska, by a vote of two to one, has declared Secretary of State Allen. Attorney General Hastings and Commissioner of Public Lands and Buildings Humphrey innocent of the charges brought against them by the legislature. Chi f Justice Maxwell was the dissenter. He held that the three men were guilty of misdemeanor in office and should be forever debarred from holding positions of trust in the public service.