22399. Spokane Savings Bank (Spokane, WA)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: April 13, 1932
Location: Spokane, Washington (47.659, -117.426)

Metadata

Model: gpt-5-mini
Short Digest: d53e210e

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Capital injected, Full suspension, Books examined

Description

Newspapers report a run on the Spokane Savings Bank in mid-April 1932 (Apr 13), followed by the board placing the bank in hands of the state banking department in mid-June 1932 pending reorganization and subsequent liquidation/receiver activity through summer and fall 1932. The bank did not resume normal operations; liquidator and receiver handled dividend/loan ballots and the building was leased to Washington Trust. Bank type inferred as 'state' from name.

Events (5)

1. April 13, 1932 Run

Cause: Local Banks
Cause Details: Run appears linked to closing/failure of other local banks (several bank closings in Spokane created depositor uneasiness).
Measures: Directors proposed depositor investment of 25% of deposits in preferred nonassessable holding-company stock and withdrawal limits (staggered 15%, 15%, 20% over three six-month periods) to stabilize liquidity.
Newspaper Excerpt: run on Spokane Savings bank
Source: newspapers

2. June 16, 1932 Suspension

Cause: Bank Specific Adverse Info
Cause Details: Board voted state takeover due to depreciation of land-security values and frozen mortgage assets making the bank insolvent or illiquid.
Newspaper Excerpt: The Spokane Savings Bank ... was placed in the hands of the state banking department pending completion of reorganization plans by vote of the board of directors last night.
Source: newspapers

3. August 23, 1932 Other

Newspaper Excerpt: Spokane Savings bank ... appraisal statement ... Moulton Gives Optimistic Over Improved Current income ... liquidation ... Assets appraised ... liquidator ... hope pay dividend ... 25 percent ... plan of raising money on the ... Reconstruction Finance Corporation mentioned throughout reports of liquidation and loan ballots in August 1933 as well. (liquidation continuing). (paraphrased excerpt from articles Aug 23, 1932 and later items).
Source: newspapers

4. November 2, 1932 Other

Newspaper Excerpt: Liquidating forces of the Spokane Savings bank have been moved to the basement of the building where quarters will be maintained for the next two years. The Washington Trust recently signed a five-year lease on the bank quarters and will give up its present location ...
Source: newspapers

5. August 2, 1933 Other

Newspaper Excerpt: Most ballots favor loan ... Spokane Savings bank receiver reports receipt ... majority favoring loan from the Reconstruction Finance corporation to permit a dividend to depositors.
Source: newspapers

Newspaper Articles (14)

1. May 6, 1932 The Spokesman-Review Spokane, WA

Article from The Spokesman-Review, May 6, 1932

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PROPOSAL MADE TO DEPOSITORS Spokane Savings Bank Directors Outline Plan for Holding Company. PROTECT SLOW ASSETS to Invest 25 Per Cent of Deposits in Stock -Slow Up Withdrawals. The Spokane Savings bank has outfor placing the institution in highly sound and liquid position. All depositors will be asked to help their own by invest25 per their deposits holding to be formed take over the bank pending the return of more nearly normal business conditions. The investment will returned as assets of the holding are liquidated into cash. from the 75 per cent of deposits would be limited by depositors to withdraw more than 15 per cent of their funds during the six months, not more than another 15 per cent during the six months and not than 20 per cent the third After time there will be no restriction on withdrawals. Place All on Equality The plan assures fairness in all say cers, any from making withdrawals in preference to others. Stockholders will turn over their stock to the company addition, 100 per cent will be levied the bank stock letter to the outlines the plan: Letter to Depositors. "The closing of three banks in Spokane has created which we deem necessary to submit to our depositors. Doubtless most you have felt concern over the safety of your and have wondering what the exact and what being done by your rectors to protect your interests. We believe that absolute frankness between this bank and its depositors essential Only closest cooperation can avert disaster seriously our thousands of "This had on deposit with the American one the 10 positories for its cash reserve, $378. What the loss will on this account we can not now In addition we were comto collect or turn into cash our loans and mortgages there would probably be further substantial loss, the amount which can not now determined. However, there is this encouraging feature to these possible losses. Our capital of which was set up safeguard your deposits, stands between you and any loss, and in addition we are levying an assessment of 100 per cent upon the bank stock. Protect Slow Assets. "It is not, therefore, the safety of your which gives us concern, but rather the fear that too many depositors may get uneasy and want their money once. You must remember that the funds of this bank are nearly all invested in mortgages. These to approximately Most of these are payable in each month over period of from one 10 years. During these times we find it difficult to collect and payments owing on of these mortas readily as we would like This due the fact that many our out work or have lost heavily their business. We are confronted at times with the necessity of foreclosing and acquiring property on which we have loaned money. These and loans may and probably ually pay out 100 the dollar. In the they are what are termed "slow or frozen assets. The Plan. "The plan is as follows: Our depositors to 25 per cent of their in the preferred nonassessable stock of holding company which will be organized. This will create fund of about $2,000,000. The holding company, however, will not receive $2,000,000 in cash. It will ceive the frozen assets and mortgages the In addition, the of the bank will be required to turn over to the holding company all their capital stock to $1,000,000 and for this they will receive in the company. The holding company will then assets Two million dollars will be represented by preferred stock owned by the of the bank. The assets of this holding company will be liquidated as rapidly as possible. All the net earnings the bank also will be paid into the holding company. Preferred stock will draw per cent cumulative, and will be paid before common stock receives anything example depositor with $1000 will invest $250 in the preferred stock of the company This will leave him $750 to his credit in the "With the adoption of this plan, the bank will be provided with over $2. 000,000 in cash and credits to take of the needs of its depositors.

2. June 5, 1932 The Spokesman-Review Spokane, WA

Article from The Spokesman-Review, June 5, 1932

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"GIVING" MONEY AWAY HARD JOB 6000 Depositors in School Savings Bank Project Ignore Pay-Off. S.-R. PRINTS 8800 NAMES Letters From Claimants Prove Lists Being Read Over Large Territory. One might imagine that the task of "giving away" money was no task at all, but the easiest and most pleasant sort of recreation. Robert A. Wilson, secretary of the board of education, knows better, for he's having hard time disbursing ranging from few cents up to $100. Mr. Wilson has general supervision of the disbursement of the $250,000 school savings funds held by the Spokane Savings bank, the ment been The bank closing the accounts and making every effort pay school children and former pupils who have made deposits. Checks for Every One. Checks have written for every account and the are awaiting claimants. Yet the more than 8800 accounts classed "inactive," some 6000 remain on the books, depositors neglecting claim their money. Active accounts, meaning which are have been well cleaned up, said Wilson. For most these were the schools for distribution. Depositors have only to cash their checks in some of the counts classified are neglected the same as the the however, which worrying Mr. Wilson and the bank. At the outset of the campaign close the they sought the The and this newspaper on Sunday, May 22, began of daily ments the list of more than 8800 names. From Distant States. Calls immediately began come, personally, by and letter, Spokane and its environs and from more distant points in Washington, Oregon, and Montana. states. This from Los Angeles from ered his children had funds in the by The was the customary greeting these letters claiming One writer varied the saying, ing the advice Spokesman This week the letters have coming an average most daily from who had forgotten the deposits. or did not department had been discontinued Friends Aid Efforts. "Nine-tenths the calls have in the list traced directly The Review, said Mr. Wilson the are being widely read. Some writers tell they have seen the names friends in the lists send us the addresses of the depositors. has been an effective method of getting in touch many of the depositors. Some the accounts are eight years old. All those inactive more than 1½ years old."

3. June 16, 1932 San Angelo Evening Standard San Angelo, TX

Article from San Angelo Evening Standard, June 16, 1932

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WHEAT BEING SHIPPED remains of the 1931 wheat crop is slowly leaving this area for the coast, grain and railroad men re port. Nearly all of the country elevators are cleaned out of the last year's crop and are being prepared for handling the 1932 crop. Grain men state, however, that a considerable holding of wheat remains on the Spokane Bank to Receiver The Spokane Savings Bank, with in deposits at the last call. was placed in the hands of the state banking department "pending completion of reorganization plans' by vote of the board of directors last night. Depreciation of land securi ties values was said to have caused the closing.

4. August 18, 1932 The Spokesman-Review Spokane, WA

Article from The Spokesman-Review, August 18, 1932

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MUST WAIT FOR LOAN FORMS Spokane Savings Bank Matter Rests C. Speed. The speed of the fiboard at the liquidator the Spokane Savings bank loan applications instructions whereby can apply for loans with which dividends will determine how soon the state banking department can get way in effort pledge the Spokane Savings bank the finance advances funds. Joseph Moulton, assistant supervisor banking, made this Mr. Moulton returned yesterday from Seattle, where he in conference with S. Moody state supervisor banking, to the decision the supreme to borrow bank's sets for purposes. He companied by George Jackson, Spokane Savings bank Arthur Cohen, counsel the state banking department, explained he had been telephone the and had that the forms for loan with would be forwarded to Spokane as early as possible. Cohen said will be necessary for send the board the Washington decision Only one other state, North Carolina, has bearing of bank's assets and was doubtful board had any forms cover applications of this character Cohen declared the decisions established new angle for the construction finance corporation consider, and delay be the matter shipping ordinary Within days or two weeks he expects

5. August 23, 1932 The Spokesman-Review Spokane, WA

Article from The Spokesman-Review, August 23, 1932

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SAVINGS INCOME MAY LOSSES Yearly Revenue of Spokane Institution Is Lauded by Liquidator. PRESENT VALUES LOW Moulton Gives Op- timistic Over Improved Current income of the Spokane Savings bank running at the rate of more than year, and, under improving business should sufficient take up losses, was revealed Monday banking department officials appraisal The the for liquidation Assets appraised Reconstruction Finance The appraisal statement Real estate mortgages estate contracts Bonds and warrants, at market, Other assets (sheriff's certifiOther estate 1,171,276.31 Bank and 250,000.00 tures Total $10,064,581.30 Explains Valuation. "Assets really not valued at the figure stated, appraisal has been made sheriff's certificates and other real estate owned,' Moulton, chief the groups of are matfact, naturally are not face the present market. For this reason, the value assets should be lumped probably someover meet due the R. F. C. and for the first six months this year investments the rate returns per year the basis the first half Insurance incomes should run around continue on this should take well the expenses liquidation, depositors could be paid 100 cents course, such record dependent upon business allowing favorable liquidation. Assets Primarily Mortgages "Assets savings bank differ those bank. The has funds invested primarily bonds and curities paper be of savings are primarily spread maturity. quite naturally, liquidates more slowly. "Unless substantial loan can be secured Finance other out, only interest and principal installments mortgages are paid, property conditions are not favorable for collecproperties owned. better times, these factors show improvement. "So far, the liquidation run less the rate cost operation the bank as going This true even the face the fact that the first few months of liquidation always the most expensive The cost now cent the payment The straight loans made on Value Will Increase. Discussing appraisal, Mr. Moulsaid servative basis, ample, house had been valued on basis of present inNaturally, such an appraisal very low this better conditions, the value should increase materisaid. business conditions show steady should be completed five six Under present conditions, there market for mortgages properUnder times, salable, and, will be able themselves Banking officials hope pay dividend least 25 latter part plan of raising money on the

6. August 26, 1932 Spokane Chronicle Spokane, WA

Article from Spokane Chronicle, August 26, 1932

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All Closed Banks to Be Investigated All closed banks in Spokane will be investigated by Prosecuting Attorney Charles Greenough The Spokane Savings bank. United Hillyard bank, Spokane State bank. Wall Street bank. Union Park bank and Community State bank of Dishman all will come under the prosecutor's scrutiny. "I do not expect to find any particular wrongdoing in any one of these banks, but intend to carry the investigation begun the American bank into all of the other banks that failed this spring," said Mr. Greenough "I feel the failure of these other banks was due. in part at least, to the failure of the American. want to find out as far as possible just what the banking situation has been in the city, and what the causes for these "If at all possible, we must make sure there never is any repetition of this deplorable situation in the future." Clyde Johnson will return from California to stand trial on the American bank charge filed against him here yesterday. State supreme court decisions in previous similar cases, it is indicated. will be invoked as the principal defense of Mr. Johnson, former president of the defunct American; E. B. McBride, a vice president, and Arnold Gleason, cashier; all three charged with accepting deposits at the bank when they "had good reason to believe" the institution was "unsafe and insolvent.' These are today's important developments in the charge filed here yesterday involving the three former officers of the American, which closed April 15, and John F. Davies, director. Mr. Davies is charged with excessive borrowing from the bank. "I will be in Spokane by September or the following day." Mr. Johnson told Sheriff Miles over long-distance telephone from Beverly Hills Cal., home of his brother-in-law, James Dickason. Over long-distance to the Chronicle. Mr. Johnson he had no statement make. He indicated. however, his defense would include calling upon the su preme court decisions in similar cases These decisions state, in substance, bank officials have right to keep an institution open and continue to accept deposits in the face of in solvency. provided there is any possible chance of reestablishing solvency Mr. Greenough said the state will be ready with its cases against all four men some time in October

7. August 26, 1932 The Spokane Press Spokane, WA

Article from The Spokane Press, August 26, 1932

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INVESTIGATION WILL BE MADE GREENOUGH No Longer Reason to Delay Probe of Financial Affairs, Is Statement. mean to make a complete investigation of the Spokane Savings bank just as soon as possible,' said Prosecuting Attorney C. Greenough Friday. don't know what we'll find there, SO I'm not prepared to say what action will be taken after the investigation. Greenough, who Thursday filed criminal information issued warrants against John Davies, director: Clyde Johnson, president; E. McBride, vice president, and Arnold Gleason, cashier the American bank, said that he had delayed arrests the American bank because of the effort being made reorganize the Spo kane Savings bank that savings bank being liquidated, there no reason to delay any longer. Nor there reason delay an investigation of the savings bank.' Greenough refused to state whether not there would any further arrests American bank officials, but said that he feels that the investigation proceeded disclosure might made that would warrant such arrests In regard the men already rested Greenough said the "State should get case ready for trial in expect the defendants will JOHNSON COMING FROM Davies and posted bonds and McBride been released his recognizance. Greenough said that Johnson, had asked little time, and that he will allow him get here. bonds the defend said Greenough. feel sure they will be here to answer charges. Greenough characterized the American bank situation "one of the worst messes" that has occurred in Spokane.

8. November 2, 1932 Spokane Chronicle Spokane, WA

Article from Spokane Chronicle, November 2, 1932

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WASHINGTON TRUST REMODELS HOME Frederick Westcott. architect. conferred today with officials of the Washington Trust company regarding alterations to be made in the ground floor banking quarters of the Spokane Savings Bank building. which the New York, told newspaper men today trust company is to occupy November 15. Only minor changes are contemplated. Liquidating forces of the Spokane Savings bank have been moved to the basement of the building where quarters will be maintained for the next two years. The Washington Trust recently signed a five-year lease on the bankquarters and will give up its preslocation at the corner of Post and Riverside

9. January 1, 1933 The Spokesman-Review Spokane, WA

Article from The Spokesman-Review, January 1, 1933

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Pass in Review 1932 High Lights Spokane tinues ascent, October Mount road show to play Fox last May damages tomatoes Month by Month, Events of Last Year nent Citizens Pass From Scene-Outstanding Features in Sports, Stage, Industry and Civic Affairs. in Spokane and the Another year has taken its place in Inland Empire the march of time and has joined parade that runs back centhe great through the past. And today turies year makes its debut. these high lights in In presenting for 1932, The SpokesmanSpokane Review merely lists the outstanding news events, day by day, as compiled from the columns of this paper. generally like to indulge in People editors. Not every day the year came through with high light. Some days had several-possibly more than brief diary All all, 1932 was not an outstanding year in Spokane had somber moments well some events. It should not some inspiring hard for 1933 to turn in better be Undoubtedly will. However, story. the of 1932, good and bad, are presented herewith, chronologically: JANUARY. January 3-Bank deposits are $54,beginning year January 5-Plumbers cut pay from $10 to $5 daily; nurses reject volunpay January 7-School teachers make salary proposal. January 10-Chinooker follows snow and clears away snow. January 11-Columbia basin troduced congress; Inland Empire has floods. January 14-Five inches of snow falls. January 17-Gray R. Harrower dies from accidental gunshot wound. January 18-Nearly one inch of rain falls hours; then snow. January 26-Judge George Turner dies January 27-Junior league regional conference January 28-George L. former sheriff and county commissioner, January 29-Two above zero; coldest of winter date. January and near zero weather ties up trains and interurban busses; inches in city. FEBRUARY. February 2-Nine below groundhog day; bright sunshine February 3-Roy K. Roadruck signs as president of Spokane University; Abbey Players, Dublin, visit Spokane. February 5-Thaw ends cold spell February 9-Blizzard and wet snow ties up main highways February 10-Dr. Henry Luhn, pioneer Spokane physician, dies in Moscow; E. Edgington, banker, dies. February. 13-Richard Foth shoots policeman and truck driver and shot in holdup. February 17-Community Chest goes over top with $253,000, exceeding quota, day ahead time. February 20-Thaw ends 85 days of skating this winter. February 22-Spokane observes Washington bicentennial with parade, bells, banquet, ball and speeches; R. Stephens February 25-Steady warm rain clears up snow; load restrictions on highways; floods in Union Park. February February day on degrees; washouts tie up and Milwaukee to the February Gillette visits on farewell tour in "Sherlock Holmes MARCH March 1-March came in like lion; bright sunshine. March 2-Six inches of wet snow falls. March of wet snow. March 6-weather office reports 73.5 inches snow, heaviest in years. March 8-Herbert Ritter elected to school board; M. B. Connelly dies. March 10-Eugene Enloe named president of the Washington Trust company. March 11-School board votes to cut teachers' salaries 10 per cent. March 16-The groundhog wins his bet on weather. March Quilt" is first of snow disappears. March golfers out: buttercups March opens with bright sunshine; considerable growth in gardens. March dust storm of the year. March 26-Mayor Funk announces ten cent wage cut for city workers effective July March march to city hall and courthouse. March goes out like lamb; swallows appear. APRIL. April comes in with showers. April spring cleanup week under way April John M. Semple dies April 6-Inland Empire Teachers' opens Fox theater. April convention closes with 2400 registered; Ruth West Spokane, elected president. April Hampden presents "Cyrano de Bergerac" at Post Street theater. April 13-Run of warm weather brings out lawn April and Spokane State banks open; run on Spokane Savings bank; Wall Street bank April campaign passes $4,000,000 for 1932 building. April 25-Paderewski, Polish pianplays at Fox theater April Adams and Otis Skinner in Merchant of Venice" Post Street theater. April production of "Green Pastures" plays Spokane. MAY. May 4-United Hillyard bank votes pending reorganization. May 5-Spokane Savings bank asks depositors' assistance in reorganizaMay 6-3100 school children in George Washington pageant at Natatorium May 8-Zinnia voted Spokane's official flower: syringa official shrub. May annual Sportsmen's and Tourists' fair opens; Union Park bank closes doors. May bank closes its doors. May attend the Sportsmen's and Tourists' fair. 15-Dedicate administration building at airport; 2500 march in "red" parade with red flags. May enhance wheat outlook, already the best in the Inland Empire May two days, 1.59 inches of rain falls; 9.08 inches since January which 38-year record. May Sillman and his sister, Rose Auritt, killed by explosion in their car near Prosser. and other valley crops. JUNE. June 4-First Spokane valley strawberries reach the market. June 5-W. Croyle, investment broker, found shot to death; bacca- laureate exercises in three high June 8-Veterans of Foreign Wars open district encampment in Spokane June 9-Hundreds turned away from placer mining school in Civic building and demonstrations along river. June army planes from California visit Felts field June ends heat wave which hit 91. June close for summer vacation; state takes over Spokane Savings bank. June H. Macartney, Cheney dies suddenly. June 1-Summer comes in and runs temperature of 93. June heirs lose before circuit court of appeals. June clubs unveil sun ball Mount Spokane. June druggists and northwestern doctors hold conventions in June G. Sater named president of Spokane university. JULY. July 1-Roland L. Bayne named secretary Community Welfare federation. July 3-Arthur Oppenheimer dies; heavy rain and thunderstorms follow dust storm. July 4-Safe and sane Fourth produces just one fireworks accident July Secretary Wilbur, visitor here, says Columbia basin project, "American July 14-Spokane hog market con- month; sales, July and Mrs. Milner, E214 Thirteenth, awarded city sweepstakes contest. July 16-Dr. Walter Webb dies. July 27-Spokane wins postal appropriation for new federal July Lewis wounds Mrs. Courtwright, and kills himself. AUGUST. August 3-Park board decides to abolish Manito but keep greenAugust Verhagen pastor Our Lady Lourdes cathedral after years August 7-Hottest day of August 8-Barnes' circus first year to visit hot spell ends with 90 August Sweeny Spokane in London, England August 15-R. refuses loan to Spokane Savings supreme court opens way to liquidation. August Toevs. former Centennial mill manager, dies suddenly August lands regional agricultural credit August 22-First heavy rain in 18 days August closes with record. August American bank officials arrested state August drops to 45; snow whitens mountain tops. September 5-Charles billposter, kills two Italians in feud on downtown street September 7-Annual fall 8-Schools for fall September open September 13-Primary election Hartley ment announces operate Orpheum theater here and September 15-Robert E. Helena named manager Spokane agricultural credit corporation: attempt to hold up Old National bank fails. September 17-Duststorm ushers in first college Gonzaga Oregon State September 19-Rain ends long dry spell. September Roosevelt goes through Spokane canceling speech; first frost. September Millikan comes Spokane for cosmic ray September Good meets in October September D. McBride new Orpheum manager, while Runte goes to under Fox central control. October try hear Norman Thomas, socialist candidate for presiOctober hearings attract taxpayers. October 7-Harry Baer, pioneer, dies from gunshot wound. October 8-Gonzaga beats October 9-Heavy frost end flowers and puts ice on bird baths. October 11-Vice President Curtis addresses large crowd in state armory; ends long dry spell. October agricultural credit corporation closes its first loan. October beats Dakota 61 to October 18-Final city registration breaks all records with county, October H. Minnick, deputy game warden, killed in hunting accident near Rockford. October 24-2300 teachers attend Washington association meeting at Fox theater. October 25-Dr. Elwood Mead tends annual meeting Columbia Basin Irrigation league. October 31-Rain accompanied first snow in the city. November 3-Spokane Agricultural Credit authorizes 856 in loans farmers November sweep state county in record Clarence Cheney new governor 11-Ground covered dedication of Neely Armistic November Harry Lake Lumber acquires Edwards Fred November found banking sentenced months in November Wesley Gonzaga beats South Dato November 22-Pussy willows in on south November day: North Central beats Lewis in Shrine benefit game November Chest ends $213,411 raised November in bloom: weather prevails December Davis named head of regional crop production loan December Brothers two buildings Adams and Railroad December hard freeze-up with snow and icy December 7-First skating of the December Judge Hugo Oswald dies: below zero in residential December 12-Lieutenant Governor Meyers visits county jail and leads orchestra Garden dance December 15-Jury frees Charles Potestio on murder December 16-Snow ends 10-day stretch of weather. December Mining convention closes with large attendance. December 19-First chinook of the winter clears up six inches of snow December comes with sunshine and springlike temDecember 22-Henry Lane Wilson former resident, dies Indianapolis; snowstorm ties traffic December Mamer announces fast air service, Seattle to Chicago via Spokane.

10. February 2, 1933 The Spokesman-Review Spokane, WA

Article from The Spokesman-Review, February 2, 1933

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BANK SALVAGE IS TOO HIGH Idahe Writer Complains About Liquidation To the Editor The SpokesmanWhy should bank liquidators allowed salary $500 month? would suggest $250 was plenty for the highest paid official ing times. Being depositor in the Spokane Savings bank am much interested how my money (that tied up) being wonder free Amerare handed out measly cent our money under liquidation such exorbitant and extravagant salaries. We depositors would like to know why high cost run the bank liquidation office for four Many all they tied up maybe It's time we wake Idaho.

11. March 24, 1933 The Spokesman-Review Spokane, WA

Article from The Spokesman-Review, March 24, 1933

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APPLE LOAN RATE 55 CENTS MARRIAGE LICENSES. James Harry Strom Burke, Idaho, and (legal), Idaho. Lentes Spokane, and Board Passes Resolution, Vincen Spokane. (22), Dill's Message. Beryl Whitesell (17), Cocur March Idaho board today tion cents for loans apples, Senator Dill to the Daily World said, IN THE SUPERIOR COURTS. New Suits Gilbert Alton Ruth Willett William divorce. Anne Pesonen Carl Pesonen: vorce. Howard Hansen liquidating the Spokane Savings bank Roy JohnSame vs. Mesenko: $1000 Same Henry to cover mortgage. held Avenue Investment pany Mines Investment $1277 BUILDING PERMITS. Ray Bishop, E907 Liberty: restFred W322 Mansfield: resi-

12. July 17, 1933 The Spokesman-Review Spokane, WA

Article from The Spokesman-Review, July 17, 1933

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Depositors to DeSpokane cide. In his petition to the superior asking to submit to the depositors of the Spokane Savings bank, as to incurloan from the Reconstruction ring Finance George H. Jackliquidator of the balanced the and cons of the proposition. On one many depositors "are greatly in need of the paysubstantial which can not be made in the ordiof would nary course relinquish expectation of full rather in the distant future and payment have dividend soon, the long-time realization even should be On the other hand, the liquidator not desirous of having imposed them the burden of an annual upon interest charge (of per cent on loan from the Finance corporation unless the depositors after being acquainted with the facts, clearly indicate their wishes have an immediate dividend from the proceeds of the loan. paid large number of depositors, distress and having no place to turn for sorely needed would gladly much higher interest charge pay personal funds. They feel that the now would be worth much money to them than per cent The liquidator further explains if the loan made, "liquidation formerly, chargeable the interest and principal payments on said In casting ballot on this referendum. each properly guided by his individual interests and the of his needs. It bird in the now, against larger bird in the indefinite future. On one terest charges loan the Reconstruction corporation would run against the bank's assets: on the other the waiting depositors would stand the loss of quicker use of their money.

13. August 2, 1933 The Spokesman-Review Spokane, WA

Article from The Spokesman-Review, August 2, 1933

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MOST BALLOTS FAVOR LOAN Spokane Savings Bank Receiver Reports Receipt of 238 Tuesday, Ballots to roll into the Spokane Savings bank receiver with the majority favoring loan from the Reconstruction tion to permit a dividend to deposiYesterday 230 ballots were received with deposits totaling favorIng the loan, making total of $715.672 to date the bringing that total to $206,771. On the the affirmative totaled making total while those opposed to any loan than 30 per cent deposits totalto date,

14. August 2, 1933 The Spokesman-Review Spokane, WA

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MOST BALLOTS FAVOR LOAN Spokane Savings Bank Receiver Reports Receipt of 230 Tuesday. Ballots continued to roll into the Spokane Savings bank receiver with the majority favoring loan from the Finance corporation to permit dividend to deposiYesterday 230 ballots were received with deposits totaling favoring the loan. making total of $715.672 to date opposing the bringing that total to On the point the affirmative vote totaled making total while those opposed accepting any loan than per cent deposits total-