Bank of Port Angeles - Port Angeles, WA

Bank Information

Episode Type: Suspension → Reopening
Bank Type: state
Start Date: October 1, 1893*
Location: Port Angeles, Washington (48.118, -123.431)

Metadata

Model: gpt-5-mini
Short Digest: 07aad47a

Response Measures

None

Description

Article (Dec 24, 1893) indicates a receiver had been appointed and the comptroller (Eckels) set conditions for reopening; depositors and creditors pledged extensions and funds to permit resumption. No explicit run is described in the text; the suspension appears to be by government appointment and reopening was being negotiated (not yet completed as of article).

Events (4)

1. October 1, 1893* Suspension

Cause: Government Action
Cause Details: A receiver was appointed for the bank by federal authorities (comptroller/examiner involvement); suspension followed appointment of a receiver.
Newspaper Excerpt: in view of the fact that a receiver has been appointed for the bank
Source: newspapers

2. October 16, 1893 Other

Newspaper Excerpt: terms upon which the bank can resume (letter dated Washington City, October 16, 1893) describing conditions for reopening and loan availability from Hanover National Bank in New York
Source: newspapers

3. December 24, 1893 Other

Newspaper Excerpt: the depositors and creditors have signed the agreement suggested by the comptroller to the amount of $92,000; the $30,000 is ready for use...and I think all that is necessary now is permission from Mr. Eckels to reopen.
Source: newspapers

4. * Reopening

Newspaper Excerpt: My chief reason for consenting to the reopening of your bank, if the conditions named herein can be complied with, is that it is the only banking institution at Port Angeles...I have forwarded a copy of this letter to the receiver and have requested him to co-operate with the directors and shareholders in bringing about the resumption of business by the bank.
Source: newspapers

Newspaper Articles (1)

1. December 24, 1893 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, December 24, 1893

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Article Text

anything to do with the management of the bank. Continuing, your "special" reads: "Mr. Eckels, who seems to have the minutest details of the affairs of every bank at his finger ends, informed Mr. Carrigan," etc., etc. In order that you may fully know just what Mr. Eckels informed Mr. Carrigan, and upon just what terms Mr. Eckels agreed to allow the bank to reopen, I quote from his letter to Mr. Carrigan, dated Washington City, October 16, 1893: "That the directors and shareholders procure from the depositors and other creditors an agreement in writing to extend the time for payment of their claims for such time as may be deemed necessary and proper. In view of the fact that a receiver has been appointed for the bank these extensions from the depositors and creditors should be obtained in the largest measure possible as an evidence of their desire that the bank should reopen for business instead of having its affairs liquidated by the receiver. "That the bank at the time of reopening has cash sufficient to pay all demand creditors who do not agree to extension of their claims, and enough besides for the current demands of business. In this connection, I will make an exception to the general rule imposed in the case of other suspended banks, and will consent to the bank's borrowing $30,000, upon the collateral security of city of Port Angeles warrants for about that amount, which are now held among the assets of the bank and which I have wired the examiner to send by express to the Hanover National bank, of New York, to be held in trust for me until needed for this purpose." The same letter, in speaking of the indebtedness of the directors and officials, said: "That they must make strenuous efforts to contribute to this cash fund by paying so much of their indebtedness as may be possible before reopening, and where this is not possible their indebtedness should be well secured. "My chief reason for consenting to the reopening of your bank, if the conditions named herein can be complied with, is that it is the only banking institution at Port Angeles, and that the reopening of the bank would be of great convenience to the public where it is located. "I have forwarded a copy of this letter to the receiver and have requested him to co-operate with the directors and shareholders in bringing about the resumption of business by the bank." To the best of my knowledge this is the only official letter from Mr. Eckels wherein he states the precise terms upon which the bank can resume and proves conclusively the inaccuracy of your information. As stated before the depositors and creditors have signed the agreement suggested by the comptroller to the amount of $92,000; the $30,000 is ready for use; the indebtedness of the directors and officers I am credibly informed has been secured by real estate within this county and city, and I think all that is necessary now is permission from Mr. Eckles to reopen. .On the 16th inst. the depositors held a meeting in this city, representing over $75,000 of the bank's indebtedness, at which the following resolution was adopted with but one dissenting vote, and he represented only $300. "Be it resolved, That it is for the best interests of the depositors and the city and county that the bank shall resume business, and we pledge ourselves and our best endeavors to obtain that result. "It is further resölved, That we wire the United States comptroller of currency, assuring him that, with C. W. Thompson as president and C. E. Mallette as cashier, the bank will receive the confidence and support of the depositors and the public generally." The latter portion of your special is also erroneous. Mr. Carrigan proceeded from Washington to his home in Chillicothe, O., and I have lately seen a telegram from him, stating that the loan was held and is still available for use. The representative of the comptroller, while here, informed the depositors at their meeting that in his official capacity Mr. Eckels cared little what became of the financial interests of the officers and stockholders. That his sole purpose was to protect the depositors. For this protection so well intended, we can not but express our sincere thanks. However, we respectfully submit, that as we are living at the scene of action; that as we are the only people to suffer in any event; that as we are entitled to be credited with understanding what we want and what is for our best interests; that as we are willing to shoulder the whole responsibility of resumption, be the result what it may, we feel that Mr. Eckels should not turn a deaf ear to our requests for the bank to be permitted to open, which requests have ever been couched in the most respectful terms, but should grant us the relief without delay. W c Chairman