Spokane & Eastern Trust Company

Bank Information

Episode Type: Run Only
Bank Type: trust company
Start Date: July 31, 1906
Location: Spokane, Washington (47.659, -117.426)

Metadata

Model: gpt-5-mini
Short Digest: 753ec38e

Response Measures

None

Description

Article (1906-07-31) reports unions withdrawing funds from Spokane & Eastern Trust Company due to belief the bank is tied to the Washington Water Power company. This describes deposit withdrawals but no suspension, closure, or reopening is mentioned, so classified as a run-only episode. Cause characterized as 'other' (political/organizational protest against perceived affiliations) rather than a rumor, bank solvency issue, or correspondent failure.

Events (1)

1. July 31, 1906 Run

Cause Details: Local labor unions withdrew deposits in protest over perceived control of the bank by Washington Water Power company (political/organizational dispute).
Newspaper Excerpt: the union withdrew its funds from the bank and deposited them with the Old National. The Spokane & Eastern Trust company is the largest depository of the working class in the city and the belief that the same interests control both the bank and the Washington Water Power streetcar lines may result, it is claimed, in action being taken by the loca unions to induce members to withdraw their savings from the bank.
Source: newspapers

Newspaper Articles (1)

1. July 31, 1906 The Spokane Press Spokane, WA

Article from The Spokane Press, July 31, 1906

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Article Text

Power compay. No reply being received, the union withdrew its funds from the bank and deposited them with the Old National. The Spokane & Eastern Trust company is the largest depository of the working class in the city and the belief that the same interests control both the bank and the Washington Water Power streetcar lines may result, it is claimed, in action being taken by the loca unions to induce members to withdraw their savings from the bank. Many local union men argue that it is folly for the working people to supply the Washington Water Power company with money to build railways, power plants and elect city officials. The fact that one union has already changed its account to another bank will, it is claimed, lead to similar action by other organizations. The union people do not think they can nor do they intend to damage the credit of the bank. They simply say they propose to decline to do business with any branch of an institution they believe is fighting them in every way possible.