Article Text
/ The Puget Sound Banking Company, of Seattle, have temporarily suspended.
22325. Puget Sound Banking Company (Seattle, WA)
Bank Information
- Episode Type
- Suspension → Closure
- Bank Type
- state
- Start Date
- May 3, 1873
- Location
- Seattle, Washington (47.606, -122.332)
Metadata
- Model
- gpt-5-mini
- Short Digest
edf30932
Response Measures
None
Description
The papers report the Puget Sound Banking Company temporarily suspended (May 3, 1873) and subsequent reporting describes protested remittances by correspondent Lockwood & Co., the cashier/manager (S. P. Warren) leaving/accused, and apparent insolvency/flight. No articles describe a reopening; therefore treated as a suspension that led to closure/receivership (no evidence of resumption). Primary immediate trigger appears to be protested correspondent remittances compounded by cashier/manager misconduct.
Events (1)
1.
May 3, 1873
Suspension
- Cause
- Correspondent
- Cause Details
- Remittances/drafts protested by correspondent Lockwood & Co. (protests of drafts and failure of correspondent payments) precipitating suspension; later complicated by the cashier/manager S. P. Warren leaving and allegations of misconduct/mismanagement that worsened the situation.
- Newspaper Excerpt
- The Puget Sound Banking Company, of Seattle, have temporarily suspended.
- Source
- newspapers
Newspaper Articles (4)
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the of the office inc, on Sound learning Banking that Company was White, the Attorney of the of including Puget closed. Company, Mr. has put us in the possession correspondall the facts, with this suspension deence, connected York correspondent the and old The New of this Company Lockwood was & Co. On the 23d, house: established pository house the following of dispatch was received We were from that obliged Remittance to suspend of pay 4th on the 18th. of your drafts. ment to LOCKWOOD S. applied payments dispatch, Major Co. On receiving Cashier this of the P. S. B. P. Warren, the immediately for Portland, his started arrange with any and Co., San Francisco. those to cities for of his drafts to them correspondents on in Lockwood & Co. protested. which here was of Three might be days returned after received Major Warren from his left father this President a dispatch New York, who is had deposited with diin saying that Leather he Bank, and on that recting Co., the Hide that and future drafts be made here Bank. further complicated GovernWarren Matters contested were demand of the for $2,212. by ment a against hands of Major Mr. Wingard, with the which latter he & in the into a stipulation with Horton deposite to to the months be held six entered to his subject credit allowing decision be Co., to Department, suit would to be of for commenced. the the decision Major before Warren that this by money letter from Portland, over to directed Mr. White, Mr. Wingard, depos in be paid of stipto Horton ited in the & It Co. name was 's Bank, the according transfer by Mr. of to War- this constrain money ren's ulation. Attorney, disturbed another which the bank, nerves caused of the a him panic Tel- to the close ler that in so charge office as until to the return of the circumstanCashier. There explained is nothing by in the these of facts, the to institu- excite to the a safe, tion. glarm ces, as as It has been solvency business. doing It was of legiti- not the a exchange ruinous extent. & Co., could creditor, mste to a of Lockwood failbankrupt only house be affected inconvenience by th of and temporary returned protested by the drafts is no ure some of its There case circumstances having for non payment. of the and which design, no other hypodhesis be thing in indicate the a fraudulent can a failure liabilities explained. we what From the fully believe business upon meet all we just Know of the will matter, be resumed all met and promptly ou Major return. immediately INDIAN TEOUBLES. Mr. Vanasselt, the an lived who has man upcn the for county, last twenty-one war had and one Indian intelligest Duwamish it river, years, in this passed abundant through opof character, studying Indian portunity of us recent many incidents informs a that widely him which fully convince of the against outbreak Indiansa extended is by the whites seriously contemplated of are now the band There Indians. of the side from other Klikitat Indians, near the camped Cascade mountains, White river, holding frequent that neighcouncils A neighbor the head with of the Indians of Mr in Vanass him Jt, wife, informs subfrom positive of these ject borhood. who has an Indian knowledge. that is war the upon consultations im of on any not the whitesaccount of for but mediate purposes grievances, The repre Klikitat rapine. delegation to such the that other sent Indians war them would give great depradators that with little during danger; plunder in did lose man war last not the they the that and purbattle, Government by with boun large them peace chased a in had had they time after ties, good and murdering. plundering to this was sure follow Klikitata to contemplated the Indians burning, result outbreak. on The this side the to and plundering on whites mounthink they when tains, to join post them the in killing orher side they of the will have force return sufficient a rich harvest ulations collected this side and attacking reap the larger and then pop the with other of to plunder upon by the Sound, Government upon their persons in the past compromise own beighborhood.nerved Many of Indians, indiof truth cations these statements. living have for some time of the are offering to sell or they have exchange everything for and rifles good horses, amunition. to do wish not create unnecessary is there think selionely to justify the alarm, enough We but in the authorities in disarming all the Indians public in the Territory. The PhilaCIVIL SERVICE REFORM of 4, says; April exHon Illinois, delphia Richard Dispatch Yates and of recently apStates
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Ir. White has handed us the following letter for publication: VICTORIA, B. C., May 5, 1873. W. H. WHITE, Esq. Dear Sir—That I may not be misrepresented in regard to my relations with "The Puget Sound Banking Company," I beg leave to state a few facts for the information of the creditors, which you may use as you may think best. I have never bought or held a share of stock of the "P. S. B. Company," as the Day Book will show. I was promised a donation of 10 shares of full paid stock for services rendered as an Incorporator, but the stock has never been issued. I was hired as Teller and Clerk, at a salary of $150 a month, to date from the time I left New York. I had nothing to say or do in the management of the Bank, acting only as I was told by my brother, he having full control. There could not have been more than $3,500 on deposit, aside from collections, which amount would not exceed $2,500, when the Bank suspended. My opinion is that the assets are ample to pay all indebtedness, if properly taken care of. The deficiency, if any, will be made up by those who were interested in the concern. The money and securities in the hands of Col. Wingard, U. S Dist. Attorney, to secure a Government claim against S. P. Warren, is only temporary; for I am familiar with the claim and feel certain that it will be set aside. I could show by the books of the Company that I have not taken a cent not properly charged. It was not my intention to defraud a single person. I do not feel it my duty to remain in Seattle, for I can do no more than I have done. It all rests with the partners in New York. I have left for the simple reason that I do not want judgments against an institution in which I was never really interested, to be thrown wholly upon me. I have lost more than any party concerned, as I have worked sixteen months at the salary stated, and now return home worse off than when I left. Very respectfully, O. S. WARREN. The conduct of the writer of the foregoing letter, both before and since the suspension of the bank, has convinced all who are acquainted with the circumstances that he has stated nothing but the honest truth, and that if there has been any intentional fraud practiced upon the creditors of the bank, O. S. Warren was not a consenting party to it nor profited by it. We have been censured by censorious persons for what they term an attempt to "whitewash" Major Warren, the manager of the suspended bank. We have made no statement in this matter but such as was accompanied by documentary evidence, and none calculated to deceive any one to their harm. We can find in the affairs of the bank no satisfactory reason for its suspension and no motive in the amount involved for Major Warren to sacrifice his credit and a profitable line of business. If our confidence was misplaced, we are sufferers by it in common with other creditors of the bank. The conduct of Major Warren is incomprehensible, but we do not condemn any man on circumstantial evidence which admits of explanation until the time for explanation has passed.
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of dishonest Cashier edge as to the deliberate the defaulting Company. S. P. Warren, Sound Banking after the of announcing of the & Co., On the Puget 25th telegram April, two days and the day left receipt of Lockwood which Warren to the failure evening of Forbes took Indiaon the city, Mr. P. B. a draft Oil an Warren bank this na bank for collection, for received $1,500. the with Major draft a letter and of pre- in- to personally to enclose it the envelope Trust tended addressed Bank and the National and structions, " The Francisco, Gold delivered to be transmitted Co., San S. F. Coombs. & Co.'s this Before Express. the here package through to Wells, package Fargo had time bank Francisco, left. had Mr. Coombs. to the to reach suspended San and Warren of Forbes was had at the request Express Agent to supposed telegraphed the package which stopp d at that of Coombs have to contain Yesterday the draft, Mr. Superintend- received General the fice. from the Co. saying that dispatch cf the Express opened on its arrival, let said ent package was contain nothing but that the found to had Sound simple and ter from Warren, Banking briefly stating Company announceseals, three under suspended; Puget and this in large envelope deceive the and into belief Forbes Coombs ment was enclo-ed intended to that at the the while it same draft, contained in the his had draft certainly inhe and its protime own possession. Forbes out of done. tended to swindle be has probably assets of the ceeds, was not which found Warren among undoubtedly the took it is bank, and when he decamped. him Sam. Warren and to us. utterly with We give it up; yet the whole thing We to scoundrelicomprehensible this city came nearly together in the same buildoffices almost years # took have been in and yet side by side; ever since, never heard daily ing, all inter these course opportunities, the expression we imfrom an act or calculated to witnessed of a sentiment by him in his high sense uncom of mon business and business He and pair our honor, financial confident sagacity integrity affected and to hold busi- in contempt is a He qualifications. all trickery in trade young man, irregularities. of and almost age, scaree ness therty years been in positi for of from boybood responsibility has and trust; charge of four the highest years during master's the war department of in _the time at a of chief by master. of the largest holding the Leavenworth, quarter the the appoint position portion ment military of President Quarter- depot be had the where Lincoln, in the United of States, many millions Subsequently of Govdisbursement ernment connected funds annually. with character his father in the banking he was house York. of high From terminus there he on came Pufor the of city of New rail oad establishing get to bank look Sound, at that with the favored view spot. as procured starting with such endorsements passage nckets from over City him complimentary and steamer lines family highest all the railroad to Portland. His respectsconnections Kansas are of the and correspondents and bility; his associates of bigh standing in financial his is manner, were among official men circles; economical yet he unexceptionable unpretending of living, systematic in his his style habits, and thoroughiy business transac- the and impressed and in vigilant in his himself upon business a as men tions. most sagacious man to and be trusted, competent and certain these to a hieve a young snccess. man passions with all end appe- for under complete vantages, How with his control. should resort expedient, arts a of moral tites mere temporary common diddler, the turpithe tricks swindler, lacking in of theft or of a of the essentials It is burglary, tude none is past comprehensi exhibitions of insen ever one of the saddest depravity which has Our face and our ingles two for that nearly dection come sate human under our heart observation. sickeus years at the this reassocimost intimate withown DSB has been our family circle, moral lepte outside once our suspecting the his heart. UP Our osy out our which he carried in late fellowFISH." was lately PICKED Col. B. S. Pardee, D. C., under in Hale for arrested citizen. he alias of Washington. Rev. with J. using Barney," the mails mofrau lulent and false under charged in general purposes; obtaining forgery. pretences, maknumesous. a ing long chapter The ney specifications are in the police jourThe Salem als. MEACHAM CONVALESANT. says Mr. of 6th inst. arrived at home yesStatesman Meacham and wife considerably bruised of and erday. mutilated, Mr. M. but is ae 18 entirely out