Farmers & Mechanics Bank

Bank Information

Episode Type: Run Only
Bank Type: state
Start Date: July 9, 1906
Location: Spokane, Washington (47.659, -117.426)

Metadata

Model: gpt-5-mini
Short Digest: fb3ca01d

Response Measures

Accommodated withdrawals

Description

Short, temporary run on July 9, 1906 driven by an alleged connection with the Farmers & Merchants (Cheney) bank that had suspended. The Spokane bank paid all drafts, had specie on hand, and large withdrawals were redeposited shortly after; bank remained open.

Events (1)

1. July 9, 1906 Run

Cause: Local Banks
Cause Details: Alleged connection reported between Farmers & Mechanics (Spokane) and the Farmers & Merchants bank at Cheney, which had suspended payment; depositors withdrew briefly.
Measures: Management had prepared specie and paid every draft; honored withdrawals and later received redeposits.
Newspaper Excerpt: A financial flurry waged for a short time this morning around the doors of the Farmers & Mechanics bank on North Monroe street...the publication of an alleged connection between the bank and a fiscal institution at Cheney, which suspended payment on Saturday, felt that they should withdraw their deposits...all were paid. The $3500 and the $800 were returned shortly after being withdrawn.
Source: newspapers

Newspaper Articles (1)

1. July 9, 1906 The Spokane Press Spokane, WA

Article from The Spokane Press, July 9, 1906

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Article Text

TROUBLES OF SWANSON CONCERNS STARTS LITTLE RUN THAT TURNED OUT TO BE A JOKE. A financial flurry waged for a short time this morning around the doors of the Farmers & Mechanics bank on North Monroe street. For a few moments the business men of North Monroe, having been alarmed by the publication of an alleged connection between the bank and a fiscal institution at Cheney, which suspended payment on Saturday, felt that they should withdraw their deposits before it became too late. One business man asked for his deposit of about $3500. He was asked if he could wait a moment. Following him another man took $800 away. Then $150,000 came in, for the management of the bank had foreseen the effect of the Cheney allegation and had prepared for it as soon as specie was available this morning. The $3500 deposit man took his money and went away. Monroe street business men were anxious, but they were not panicky. The $800 man did likewise. Small depositors flocked in and all were paid. The $3500 and the $800 were returned shortly after being withdrawn. After a while, A. M. Austin, feed merchant of the North Side, came in and made a deposit. In a very short time all the large withdrawals were back in the bank. Business men of North Monroe seemed satisfied and even if they had not been, it is stated, the bank would have paid every draft on its treasury at 10:30 o'clock, because the institution has ample securities and ample funds. The Spokane bank denies any connection with, or responsibility, for the Farmers & Merchants bank at Cheney. While no papers have as yet been filed in the unravelling of the muddle of the concerns with which