Exchange National Bank

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 4044
Charter Number: 4044
Start Date: June 7, 1893
Location: Spokane, Washington (47.659, -117.426)

Metadata

Model: gpt-5-mini
Short Digest: 1620110c

Response Measures

Accommodated withdrawals, Public signal of financial health, Books examined

Description

Multiple banks in Spokane experienced runs/suspensions June 1893. The Exchange National remained open and faced a crowd/withdrawal pressure that was calmed by the cashier's public remark; it did not suspend. Cause appears tied to runs on other local banks (local contagion), not misinformation or insolvency.

Events (1)

1. June 7, 1893 Run

Cause: Local Banks
Cause Details: Runs and suspensions at other Spokane banks (Washington National, Citizens' National, etc.) produced withdrawal pressure on Exchange National.
Measures: Cashier Cowley publicly invited depositors to come in and get their money, a statement intended to calm the crowd and restore confidence.
Newspaper Excerpt: If you fellows want your money, come in and get it; if you don't, clear out and attend to your business.
Source: newspapers

Newspaper Articles (3)

1. June 8, 1893 The Dalles Daily Chronicle Dalles, OR

Article from The Dalles Daily Chronicle, June 8, 1893

Click image to open full size in new tab

Article Text

BETTER FEELING AT SPOKANE. Indications Are That the Worst Is Over. SPOKANE, June 7.-A better feeling prevails today, with indications that the storm has passed. The Exchange National bank was open at 7 o'clock this morning, and the other banks opened on time and announce that they are prepared for all comers. There is no crowd at either of the banks. It 18 impossible to obtain statements of the exact liabilities and assets of the suspended banks. Bank Examiner Wilson is here and the book-keepers are at work preparing information, but for the present the officers refuse to give out the exact figures. All say, however, that the assets largely exceed the liabilities, and this is believed by every one here. Merchants and others are offering to take certificates of deposit or checks on any of the suspended banks at par, and depositors refuse to take less. As time clears up the situation, it becomes more and more apparent that the flurry was unjustifiable. The suspensions were purely accidental.

2. June 10, 1893 The Dalles Times-Mountaineer Dalles, OR

Article from The Dalles Times-Mountaineer, June 10, 1893

Click image to open full size in new tab

Article Text

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.

3. June 10, 1893 The Dalles Times-Mountaineer Dalles, OR

Click image to open full size in new tab

Article Text

Better Feeling at Spokane. SPOKANE, June 7-A better feeling prevails today, with indications that the storm has passed. The Exchange Na tional bank Was open at 7 o'clock this moining, and the other backs opened on time and announce that they are prepare I for all comers. There is no crowd at either of the banks. It is impossible to obtain statements of the exact liabilities and assets of the suspended banks. Bank Examiner Wilson is here and the book keepers are at work preparing in formation, but at present the officera refuse to give the exact figures. All say however, that the assets largely exceed the liabilities, and this 18 believed by every one here. Merchants and others are offering to take certificates at deposit or checks on any of the suspended banks at par, and depositors refuse to take less. As time clears up the situation, it becomes more and more apparent that the flurry was unjustifiable. The suspen sions were purely accidental.