22394. Spokane Savings Bank (Spokane, WA)

Bank Information

Episode Type: Suspension → Closure
Bank Type: savings bank
Start Date: July 26, 1893
Location: Spokane, Washington (47.659, -117.426)

Metadata

Model: gpt-5-mini
Short Digest: 8c72383b

Response Measures

None

Description

Contemporary reports (July 26–27, 1893) state the Spokane Savings Bank closed/temporarily suspended owing to continued withdrawals and inability to realize on securities. No discrete misinformation trigger or explicit depositor run on this bank is described; the bank went into receivership during the 1893 panic (later reporting of receiver and indictment of cashier Cutter confirm permanent failure).

Events (2)

1. July 26, 1893 Receivership

Newspaper Excerpt: When the First National and Spokane Savings banks went under in June, 1893... a receiver was appointed. (later accounts note a receiver and subsequent dividend paid in 1902).
Source: newspapers

2. July 26, 1893 Suspension

Cause: Macro News
Cause Details: Continued withdrawals by depositors and inability to realize on securities amid the wider 1893 banking/financial panic, prompting temporary suspension of payments.
Newspaper Excerpt: At 2 o'clock this afternoon the First National Bank closed its doors, and with it an allied institution, the Spokane Savings Bank. Notice was posted that owing to the continued withdrawal of depositors and the inability to realize on securities, this bank has temporarily suspended payment.
Source: newspapers

Newspaper Articles (12)

1. July 27, 1893 The Record-Union Sacramento, CA

Article from The Record-Union, July 27, 1893

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in times like these embarrassments must be expected." STOCKS AT THEIR LOWEST POINT. MONTREAL, July 26.-Stocks are more demoralized than ever in the history of Montreal, every stock listed reaching its lowest point. Many persons are ruined between here and New York. It is estimated that over $5,000,000 Montreal money has been lost the past three months. So far 110 bank or other failures have resulted. STAMPING WORKS SUCCUMB. CLEVELAND, July 26. - The Avery Stamping Works have gone into the hands of a receiver. The concern is solvent, but unable to secure further accommodation from the banks, which already hold $100,000 of its paper. Assets, $400,000; liabilities, $300,000. MILLS SHUTTING DOWN. NEW YORK, July 26. - Alexander Smith & Sons' big carpet mills at Yonkers, will be shut down to-night, throwing 5,000 hands out of employment. President Cochran is quoted as saying the mills will not resume operations until Congress has disposed of the Sherman silver bill. PHILADELPHIA, July 26.-The extensive woolen mills of Scatchard Brothers have shut down indefinitely, owing to depression in trade. NO NEW DEVELOPMENTS. INDIANAPOLIS, July 26.-There are no new developments in banking and financial circles to-day. Everything is quiet, and no further trouble is expected. RUNS CEASED. MILWAUKEE, July 26.-Everything is quiet here to-day. The runs on all the banks have ceased, and business is moving along in the usual channel. SILVER OFFERINGS. WASHINGTON, July 26.-The silver offered the Treasury to-day aggregated 175,000 ounces at $0.7025@0.7050. All was declined and $0.7020 tendered. BANK FAILURES AT SPOKANE. SPOKANE (Wash.), July 26. - At 2 o'clock this afternoon the First National Bank closed its doors, and with it an allied institution, the Spokane Savings Bank. Notice was posted that owing to the continued withdrawal of depositors and the inability to realize on securities, this bank has temporarily suspended payment. President Glover said that all depositors would be paid in full. The news created no excitement, and there was no run upon any other banks. The First National commenced business in 1882. Its paid-up capital is $250,000. The Spokane Savings Bank was organized in 1882, and has a capital stock of $100,000. H. L. Cutter is President. ASSIGNMENT IN MONTANA. HELENA (Mont.), July 26.-G. W. Cannon, real estate, assigned to-day. He was a large indorser on corporation paper, and the stringency of money caused the assignment. Liabilities, $240,000; assets, $1,500,000. A. M. Holter also made a personal assignment. He was also too heavy an indorser of corporation paper. His liabilities are $600,000, assets, $1,000,000. The Holter Hardware Company, of which he is President, is not affected by the assignment.

2. July 27, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, July 27, 1893

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QUIET RESTORED. Subsidence of the Run on the Louisville Banks. LOUISVILLE, July 26.-There was some withdrawing of funds from the banks this morning, mostly by small depositors, but nothing like a general run. It is believed the trouble is over. MILWAUKEE, July 26.-Everything is quiet here to-day. The runs on all the banks have ceased and business is moving along in the usual channel. INDIANAPOLIS, July 26.-There are no new developments in banking and financial circles to-day. Everything is quiet and no further trouble is expected. SPOKANE, July 26.-At 2 o'clock this afternoon the First National Bank closed its doors. and with it the allied institution, the Spokane Savings Bank. Notice was posted that "owing to continued withdrawal by depositors and inability to realize on securities, this bank has temporarily suspended payment." President Glover said that all depositors would be paid in full. The news created no excitement, and there was no run upon any other bank. The First National commenced business in 1882. Its paid-up capital is $250,000. The Spokane Savings Bank was organized in 1882 and has a capital stock of $100,000. H. L. Cutter is the president.

3. July 27, 1893 The Daily Morning Astorian Astoria, OR

Article from The Daily Morning Astorian, July 27, 1893

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SPOKANE BANKS CLOSED. Spokane, July 26-At 2 o'clock this afternoon the First National Bank closed its doors, and with it, the allied institution, the Spokane Savings Bank. Notice was posted that "owing to the continued withdrawal by depositors and inability to realize on securities, this bank has temporarily suspended pay ment." President Gliver said that all depositors would be paid in full. The news created no excitement and no run upon any of the other banks, The First National commercied business in 1892;Ifg paid up capital is $250,000. The Spo kane Savings bank was organized in 1892. and has a capital stock of $100,000. H. L. Cutter is president.

4. July 28, 1893 The Times Richmond, VA

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Three More National Banks Fail. SEATTLE, WASH., July 27.-A Spokane special says: The First National Bank suspended payment yesterday. The Spokane Savings Bank, connected with National, closed at the same a few minutes time. the First In the news was generally known throughout the city, received quietly. There was no at any of President Glover stated effect banks. but was perceptible suspended, the that other the bank has only temporarily and all depositors will be paid in full. HELENA, MONT., July 27.-The First National and the Montana National Banks failed to open this morning. A run then began on the other banks of the city. LOUISVILLE, KY., July 27.-The Farmers' Bank, of Mount Sterling, Ky., suspended payment this morning. MIDDLESBORO, KY., July 27.-The First National Bank, of this place. closed its doors this morning. A notice upon the doors reads: 'This bank is closed by order of the directors. J. P. Sandiford, cashier." PORTAGE, WIS., July 27.-The City Bank closed its doors this evening. The suspension is due to the condition of the money market. PORTLAND, ORE., July 27.-The Portland National Bank and the Northwest Loan and Trust Company, of this city, suspended payment this afternoon. HELENA, MONT., July 27.-The First National Bank has assets of over $1,000,000 in excess of liabilities. The Montana National has $850,000 in excess of Habilicould not get meet the demand. enough ties. They to simply The currency Merchants' National stood three hours' run, and then received in deposits more cash than had been withdrawn. There was no run on the other banks. CHICAGO, July 27.-The clearing-house this evening decided to issue clearinghouse certificates. Business Embarrasements. WALTHAM, MASS., July 27.-On July 1st the American Waltham Watch Company gave its hands a month's vacation. To-day the company announced that the vacation will be extended to August 7th, and when the works are started only half the force will be employed. Along with this announcement comes the statement that the Elgin Watch Company will discharge half its hands August 1st. Each company employs about 3,000 persons. There is consternation in Waltham. BOSTON MASS., July 27.-Ticknor & Co., publishers, 211 Tremont street, are financially embarrassed, and have made an assignment to Charles Fairchild. The to the business of James & Co. when the G. firm Hagood succeeded firm failed, in 1885. Besides its book-publishing business the firm publishes the American Architect. Creditors are well disposed toward Ticknor, though they will have no trouble about the adjustment of affairs. HARRISBURG, PA., July 27.-The American Tube Iron Company, located at Middleton, has gone into the hands of a receiver. The company has no mortor gages, judgments bonded raise indebtedness funds, against it, but could not owing to the stringency in the money market It is one of the largest concerns of the kind in the country, employing fifteen hundred hands. It makes all kinds of wrought iron pipe and tubing. CINCINNATI, O., July 27.-The Deer Creek Cotton Mills, Fifth street and Eggleston avenue, and the Belting factory, on Plum and Canal streets, controlled by Henry Pearce, Sons & Co., shut down indefinitely to-day, throwing 500 hands out of employment. Dull trade is the cause given.

5. July 28, 1893 Richmond Dispatch Richmond, VA

Article from Richmond Dispatch, July 28, 1893

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Western Bank Suspensions. (Bytelegraph to the Dispatch.) SEATTLE, WARH.. July 27.-A Spokane special says: The First National Bank suspended payment yesterday. The Spokane Savings Bank, connected with the First National, closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly, and there was no effect perceptible at any of the other banks. President Glover stated that the bank has only temporarily suspended and that all depositors will be paid in full. HELENA, MONT., July 27.-The First National and Montana National banks failed to open this morning, and a run 18 now in progress on the other banks of the city. LOUISVILLE. Ky., July 27.-The Farmers' Bank of Mt. Sterling, Ky., suspended payment this morning. MIDDLESBORO', KY., July 27.-The First National Bank of this place closed its doors this morning. A notice upon the door reads: "This bank closed by order of the directors. J. P. Sandiford, cashier." PORTAGE, WIS. July 27. - The City Bank closed its doors this evening. The suspension IS due to the condition of the money market. PORTLAND, ORE.. July 27. - The Portland National Bank and the Northwest Loan and Trust Company, of this city, suspended payment this afternoon.

6. July 28, 1893 Wheeling Register Wheeling, WV

Article from Wheeling Register, July 28, 1893

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CONCERNING BUSINESS AND FINANCE. CINCINNATI, O., July 27.-The distillers of Cincinnati and vicinity who will by law be called upon August 5 to pay their share of about $8,000,000 of taxes OM whisky distilled in May and June, 1890, have unanimously addressed a request to Secretary Carlisle to instruct collectors to delay the collection for ninety days. They say the present financial situation is abnormal, and that to withdraw that large sum of money from banks and from circulation at this time, would heighten the present distress and would be of no advantage to the governmdnt. The local bankers have eudorsed the request, and circular letters will be sent to all interested asking them to join the petition. HELENA, MONT., July 27.-The First National and Montana National Banks failed to open this morning. A run is now in progress on the other banks of the city. The run is now confined principally to the Merchants National Bank, which is paying everybody. They are confident that they will be able to stand the run, The two closed banks have ample assets, but cannot realize, S. T. Hausser is President of the First National. The capital stock is $500,000; surplus, $100,000; undivided profits, $600,000, and average deposits, $3,250,000. John T. Murphy is President of the Montana National. The capital stock is $500.000; surplus, $100,000; undivided pronts, $100,000, and average deposits, $1,500.00 WASHINGTON, C., July 27.-The director of the mint has been notified that his counter offer of $0.7020 per ounce has been accepted for 25,000 ounces of silver of yes erday's offerings. The total purchase for the month aggregates 1,932,000 ounces. PORTLAND, OREGON, July 27.-The Oregon National Bank and the Northwestern Loan and Trust Company closed their doors this morning. George B. Markle is president of both institutions. Capital stock of the Oregon National, $200,000; surplus, $40,900; average deposits, $500,000. Capital stock of the Northwestern Loan and Trust Company, $250,000; surplus, $25,000. NEW YORK, July 27.-Lazard Freeres areadvised of a shipment of $1,000,000 gold from Europe. SPOKANE, WASH., July 27.-The First National Bank and Spokane Savings Bank closed this afternoon. They were uable to realize upon securities at the present time. They had a capital of $250,000 and $100,000 respectively. MIDDLESBORO, Kr., July 25.-The First National Bank of this place closed its doors this morning. The notice upon the doors reads: "This bank closed by order of directors." HARRISBURG, PA., July 27.-The Ameri can Tube and Iron Company, located at Middletown, has gone into the hands of a receiver. The company has no mortgages, judgments or bonded indebtedness against it, but could not raise funds, owing to the stringenep of the money market. It is one of the largest concerns of the kind in the country.

7. July 28, 1893 New-York Tribune New York, NY

Article from New-York Tribune, July 28, 1893

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TEN MORE BANKS CLOSED. SIX OF THEM ARE IN STATES OF THE FAR NORTHWEST. INABILITY TO REALIZE ON ASSETS THE CAUSE OF THE SUSPENSION OF ALMOST ALL -THE PANK FAILURES FROM MAY 1 TO JULY 22. Seattle, Wash., July 27.-A dispatch from Spokane says: "The First National Bank suspended payment* yesterday afternoon. Its doors closed at 2 o'clock, and the following notice was posted: "Owing to continued withdrawals by the depositors, and inability to realize on securities, this bank has temporarily suspended payment.' "The Spokane Savings Bank, which is connected with the First National, was closed at the same time. In a few minutes the news was generally known throughout the city, but it was received quietly. There was no effect perceptible at any of the other banks. President Glover says that the suspension is only temporary, and that all depositors will be paid in full." Portland. Ore., July 27.-The Oregon National Bank and the Northwest Loan and Trust Company of this city, suspended this morning. Both institntions were started about live years ago. The rapid withdrawal of depesits and inability to realize on securities are given as the cause of the suspension. George B. Markle is president of both institutions. Capital stock of the Oregon National, $200,000; surplus, $40,000: average deposits, $500,000. Capital stock of the Northwest Loan and Trust Company. $250,000; surplus, $25,000. Helena, Mont., July 27.-The First National and Montana National banks failed to open this morning. Runs were started on the other banks of the city, the most extensive being that on the Merchants' National Bank, which paid everybody. The 1WO closed banks have ample assets, but cannot realize. S. T. Hauser Is president of the First National. The capital stock Is $500,000; surplus, $100,000; the undivided profits are $600,000. and the average deposits $3,250,000. John T. Murphy is president of the Montapa National: its capital stock is $500,000: surplus, $100,000: Its undivided profits are $100,000, and its average deposits $1,500,000. Portage, Wis., July 27.-The City Bank closed its doors this morning. The suspension is due to the condition of the money market. Middlesberoigh. Ky., July 27.-The First National Bank of this place closed its doors this morning. The officers of the bank refuse to talk, and it is impossible to get either assets or liabilities. Most of the merchants here were depositors. Washington, July 27.-The First National Bank of Middlesborough, Ky., which closed its doors this morning, had a capital of $50,000, and 1ts individual deposits aggregated usually about $50,000. Mount Sterling. Ky., July 27.-The new Farmers' Bank of this city closed its doors this morning. The failure was caused by an inability to realize on its paper. The deposits are about $200 000. The bank holds first-class paper to the amount of $000,000. The depositors will be paid in full and the officers of thes bank hope to be able to resume business in a short time. The capital stock is $250,000. Exeter, N. H., July 27 The National Granite State Bank temporarily suspended payment this morning. The institution 18 declared by officials to be perfectly sound, the present embarrassment having been caused by a drainage of the cash supply and delayed mit tances from Boston. An immediate resumption of business is expected. Baltimore. July 27.-A summary of the bank fallures from May 1 to July 22, inclusive, shows that 301 banking institutions. with # total capital of $38,951 033, suspended. The Manufacturers' Record" publishes a complete list of closed banks by States, also a table which shows that five-sixths of these fullures and four fifths of the capital involved were in Western and Pacific States, while only 10 per cent of the failures and 11 per cent of the capital involved were in the South. The number of failures In Southern States was thirty-seven. involving $4.392,100: in the Western and Pacific States the number was 251, involving $31,258,933: and in the Eastern and Northern States, thirteen, with $2,600,000 capital.

8. August 3, 1893 Wood County Reporter Wisconsin Rapids, WI

Article from Wood County Reporter, August 3, 1893

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paralytic stroke. Nicaraguan insurgents have captured the city of Managua and declared General Seelaya dictator. The Florida Central railway system has been sold to the Plant Investment company for $13,000,000. Benjamin H. Ticknor, of Boston, doing business as Ticknor & Co., publishers, has made an assignment. General George W. Morgan, of Mt. Vernon, Ohio, the only surviving general of the Mexican war, has died at Fortress Monroe. The increase in national bank circulation during July SO far has been $5,868,750. Charles McGinnis, of Princeville, III., was killed by a freight train at Peoria Alexander Blessing of Wesley City, 111., was killed by a runaway horse at Peoria. Canadian speculators have lost $5,00,000 by the re t decline in the values of stocks. A dozen buildings in the vicinity of Concord, N. H., ere demolished by & wind storm. John A. Porter, a switchman, fell nd had his head cut off by an engine at Terre Haute. The Bates mills at Lewiston, Me., withh be closed on August 5, and 1,500 nen will be made idle. Bunco men secured $3,600 from Robert Elliott, a rich farmer living near Fayette City, Pa. The First National bank and the Spokane Savings bank at Spokane, Wash., have suspended. Robert Morrison, a stockman, was tatally injured at Crawfordsville, Ind., by his horse falling on him. The Pittsburg wire works at Braddock, Pa., have been closed, and 500 men are out of employment. The 12-year-old daughter of James La. Pennington, of Hillsboro, III., was latally burned while cooking dinner. H. B. Nemitz, who stole $24,000 from the Swiss commission at the world's fair, was arrested in Toronto, Ont. Twenty-seven persons were poisoned -y impure milk at Louisville. Three of the sufferers are in a serious conLition. Four hundred houses were wrecked and many persons killed and injured by an explosion of a powder magazine at Canton, China. The government surveying corps in the Cherokee strip has located and staked off nine sites for county seats, and also located two land offices. The Obermann Brewing company, Milwaukee, involved in the suspension of "Mitchell's bank," made an assignment to protect creditors. Four kinds of ice-cream made in one day by the Naber Brothers, conrectioners of Brooklyn, N. Y., poisoned between twenty and thirty people, some of them seriously. A mob of unemployed workmen at Denver took Dan Arata, the murderer of B. C. Lightfoot, from jail and anged him to a tree. A Cheyenne, Wyoming, dispatch says It is understood that Senator Beckwith has resigned and that A. L. New, recently appointed internal revenue collector for Colorado and Wyoming, will be his successor. Howard Mutchler (dem.) has been elected to congress from the eighth Pennsylvania district to fill the vacancy caused by the death of his father. Dr. R. L. Watkins, of New York, has had himself inoculated with the bacciltus of consumption in order to test nis theory that consumption is not contagious. George N. Carman, principal of the St. Paul high school, has been chosen associate professor and dean of the preparatory department of the university of Chicago. Governor Altgeld has offered a reward of $200 each for the apprehension and conviction of the members of the mob that lynched Bradshaw at Kingston on July 19. It is reported that United States Senator A. C. Beckwith, of Wyoming, 18 about to resign in consequence of a quarrel with Governor Osborne regardng federal appointments. So far this year 1,749 retail liquor licenses have been issued in the northern district of Iowa, an increase of 400 over 1892. A war in rates is in progress in Indianapolis. Round trip world's fair tickets are offered at $3, a reduction of $1.50. Sheriff M. M. Smith, of Cleveland aountry claima,

9. August 3, 1893 The Middleburgh Post Middleburg, PA

Article from The Middleburgh Post, August 3, 1893

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LATE TELEGRAPHIC JOTTINGS BOTH FROM HOME AND ABROAD. What is Going On the World Over. Important Events Briefly Chronicled. Financial and Commercial. MORE BANKS ARE REOPENING.-The comptroller of the currency is advised that the Hutchinson national bank of Hutchinson, Kan., which failed sometime ago. is pre paring to resume business. The First National Bank of Cisco. Tex., which suspended, has been permitted to reopen its doors. Business men of Pueblo, Col., declared their faith in Colorado's business stability and denounced the intemperate languageof the rabid silverites. Parkhust & Wilkinson. iron merchants, Chicago. assigned. Assets estimated at $1,000,000. Ripley & Bronson, :iron merchants, St. Louis, assigned. assets $150,000; liabilities about the same. The suspended Queen City Bank. Buffalo, N.Y., will resume business the first week of August with a capital reduced to $300,000. At Findlay, O., the Farmers National Bank closed its doors. Depositors will be paid in full. The J. Oberman Brewing Company, Milwaukee, assigned. The bank panic at Milwaukee is over. Financial disturbances at Louisville, Ky., are over. In the banks every depositor who wanted his money got it. Some of the suspended banks, it is said, will soon resume. At Lacrosse, Wis., the private bank of John Dienlokken has closed its doors. At Portage, Wis., the German Exchange Bank has failed, At Helena. Mont, the First National bank and the Montana National bank suspended. Both has ample assets and will pay in full. At Middlesborough, Ky., the First National Bank has closed its doors. At Portland, Ore., the Oregon National Bank and the Northwest Loan and Trust Company suspended. At S okane, Wash., the First National Bank. paid up carital $200,000, and the Spokane Savings Bank, its dependent. ten porarily suspended. At Portage, Wis., the City Bank closed its doors. At Mt. Sterling, Ky., the Farmers' bank closed its doors.

10. August 11, 1893 Idaho County Free Press Grangeville, ID

Article from Idaho County Free Press, August 11, 1893

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those of a man who mysteriously disappeared some time ago, hinting that Haynes was concerned in the disappearance. There was a riot outside the arena at Roby, Ind., Monday night, caused by a mob of roughs attempting to enter to see the fight. Pinkerton detectives went out to quell the disturbance and they were met with a shower of stones. Some one in the crowd fired three or four shots from a revolver and an unlucky man was shot above the heart. Physicians say he cannot live. J. W. S. Marshall, whose body had been hanging from a door in his room at 15 Allison street, Boston, for five days before it was found, did not kill himself on account of poverty. When his room was searched two bank books which represented cash deposits of $60,000 were found, and also proof that he owned a block of buildings, the value of which is fully $1,000,000. Artesian water was struck on Tuesday in Spring valley, five miles southeast of Colfax, Wash., at a depth of 220 feet. The flow is very strong, throwing a sixinch stream twenty feet high. This is the most western artesian well in the county, and will be a great help to Colfax. The city council have already taken informal action toward piping the water down to the supply reservoir. e A petition is now before the circuit court of the sixth judicial district asking that Lawyer C. H. Finn be debarred from practicing in the courts of this state. The petition is based upon affidavits charging Finn with mutilating records wilful misconduct as an attorney in caste ing reflections and preferring charges of S conspiracy against circuit judges; wiln fully false and malicious charges against n J. W. Knowles, as justice of the peace in La Grande. o It is said that the directors of the Linn County National bank have at last e reached an agreement for a reorganizay tion, says the Albany Herald, and have made an application to the comptroller of the currency, asking that the bank be taken from the hands of the receiver and reopened for the resumption of business. About $100,000, it is said, will be put into the bank to place it on a sound basis n again, and it is thought the application will be granted. The law of the state of Washington requires that the permanent school fund of the state must be invested in national, state, county or municipal bonds, but t the state land commission sought to ree gard a school district as a municipal corn poration within the meaning of the law. and to invest funds in school district bonds. The attorney general bas decided that a school district cannot be regarded as a municipal corporation, and the land h commission cannot so invest the funds. Wednesday at Spokane, Wash., the First National bank closed its doors and with it went the allied institution, the L Spokane Savings bank. A notice was of posted that "owing to the continued d withdrawal by depositors and the inability to realize on securities this bank has as temporarily suspended payment." Presihe dent J. M. Glover said that all depositors would be paid in full. The news created of no excitement and no run upon any d other banks. H. W. Fairweather is of vice-president of the bank which was -1one of the foremost banks of Spokane. y Thursday afternoon, at The Dalles, 8 young lady, Miss Equi, horse-whipped is O. D. Taylor, a real estate shark, for a swindling a friend of hers, a Miss Hol : comb, out of $100. The affair was wit nessed by a large crowd of persons, who & followed the parties from the first place or where they met to the place where the as marshal interfered. There were frequen at cheers from the throng of persons, and i he is stated that on more than one occasion the, reverend gentleman was held while

11. July 23, 1894 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, July 23, 1894

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HORACE L. CUTTER. The Spokane Bank Wrecker Who Has Escaped to Mexico. San Francisco Examiner. Horace L. Cutter, who has fled to Mexico to avoid arrest on a charge of embezzlement, is well known to many leading financiers of San Francisco. He came to California from Ohio about 1872 and located in the southern part of the state. He lived at Los Angeles, San Jose and Colusa, engaging in the banking business at those places. While living in this state he married a Miss Harvey, and he has lived for some months past at the residence of his wife's father, near San Diego. It was from there that he communicated with his Northern friends, and through them got wind of his indictment. Cutter went North in 1883 and settled at Spokane, where he interested resident capitalists in the organization of the First National bank, of which he became cashier. The venture was a success and made Cutter a fortune. When the bank failed and a receiver was appointed it was shown that the affairs of the institution had been conducted in a very loose manner. The matter was finally brought before the grand jury and Cutter was indicted for embezziement. The amount mentioned is only $300. but it is said that the inside history of the wrecked bank will show Cutter to be a defaulter of many thousands. When the First National and Spokane Savings banks went under in June, 1893, Horace L. Cutter, who was the organizer and executive head of both institutions, was held responsible by the directors and depositors for their collapse. He had disposed of his stock in the banks shortly before the failures, realizing, it is said, $30.000 from the sale. The stock of the First National was rated high during the boom days in Washington, and Cutter was looked upon during that extravagant period as one of the wealthiest citizens of the town. The First National stood first among the banking houses of Spokane. Its paid-up capital was $150,000 and its deposits ran from a quarter to half a million. When the crash came there was barely enough coin in the vaults to buy a postage stamp. The capital and deposits had melted away in reckless investments. After the great fire of August 4, 1889, when the entire business portion of the city was swept away, entailing a loss of $5,000,000, Cutter immediately erected a new bank building at a cost of $200,000. It was built of brown sandstone and granite. The interior furnishings were of mahogany, marble and onyx, the counting room being unsurpassed by any other bank on the Coast. This and other extravagant expenditures weakened the resources of the bank. Cutter was a leader of the financial and social world in which he moved. Carried away by the excitement of the boom times, he rushed into all speculations having the semblance of stability. He was one of the promoters of the electric street car line, owned stock in the electric light plant of the city, the Washington Water Power Company. the Seattle, Lake Shore & Eastern railway, which had been built westward from Spokane and eastward from Seattle, the object of the builders being to connect the two cities. He also operated in mines and had large investments in grazing and agricultural lands. He was a patron of the turf, an expert angler and crack shot, moved among Spokane's 400 and was a leader of the cotillion. Now he is a fugitive from justice.

12. November 26, 1902 Adams County News Ritzville, WA

Article from Adams County News, November 26, 1902

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I 1 WASHINGTON ITEMS. S The Bank of Colville has opened a branch at Chewelah. A new bank has opened for business 1 at Sprague. This is Sprague's second I bank, and opens under the name of r J. F. Green & Co. Tacoma, Wash.-The annual con5 vention of Washington Young Men's : Christian associations will be held at f Tacoma December 12, 13 and 14. John Larson, a Swede laborer, was arrested at Colfax recently on a / charge of robbing his employer, S. J. $ McMasters, a farmer living near Lat tah, of $270.40 and a silver watch. h Frank Clayton and another man I sawed their way out of the jail recently. They were up for petty lare ceny, and with two pocket knives cut I the steel bars of the prison. Jung Clong Kung, a Chinaman, held i as a witness, hanged himself in his . cell in the Pierce county jail last week by twisting his queue around his neck 6 and fastening it to the iron grating. : Fred B. Grinnell, receiver of the defunct Spokane Savings bank, which 3 went into the hands of a receiver during the panic of 1893, has declared a dividend of 9 per cent, amounting to $9036.86, on the outstanding claim. I Another rear end freight train collision occurred near Connell last Friday, the third to happen on the North. ern Pacific between Spokane and Ellensburg within two days. Rolling I stock was damaged considerably and t trains delayed. It is reported that Seattle is at the mercy of burglars. The police claim to be doing all they can to check the I epidemic, but admit that the force I is inadequate to give protection. Hardb ly a night passes that three or four 1 houses are not entered. Petty thiev1. ing is too common to even attract at2 tention. 1 A curious parallel of name and nat ture was seen in Walla Walla recentt ly in the case of John Hite, a man S working on a Dry creek ranch, who f came down town for the day. Mr. Hite bears out his name to perfecr tion. He stands about 6 foot 8 inches b in his stockings, and is easily the tallest man in Walla Walla county. t Colfax, Wash.-A large shipment of a livestock was recently made from Gare field. There were 12 cars in the train, eight being loaded with cattle and S four hogs. There were 209 head of e cattle and 335 head of hogs, and $13,.. 000 was paid for the stock in the ship6 ment, which is said to contain one of the finest lots of cattle ever sent from d the Palouse country. Another train load will be shipped from Garfield on December 15. n