Washington Savings Bank

Bank Information

Episode Type: Suspension → Reopening
Bank Type: savings bank
Start Date: June 3, 1893
Location: Spokane, Washington (47.659, -117.426)

Metadata

Model: gpt-5-mini
Short Digest: 19ac9742

Response Measures

None

Description

Article describes the June 1893 regional panic in Spokane: after the Bank of Spokane Falls failed (June 3, 1893) the Washington National suspended payment. The piece then notes in July the Washington National was carrying on business in quarters previously occupied by another bank, implying it resumed operations. Cause of the suspension appears driven by contagion from the failure of a local bank (failure of Bank of Spokane Falls and runs on other local banks). OCR errors in the article were corrected (e.g., dates and some garbled phrases).

Events (2)

1. June 3, 1893 Suspension

Cause: Local Banks
Cause Details: Suspension followed collapse/failure of the Bank of Spokane Falls and ensuing local contagion and runs on local banks
Newspaper Excerpt: After examination of his affairs on the morning June 3, 1893, the Bank of Spokane Falls failed open its doors for business. Twenty hours the Bank Spokane Falls closed. the Washington National and the Washington Savings bank suspended payment
Source: newspapers

2. July 1, 1893* Other

Newspaper Excerpt: On July the Washington National business in quarters previously occupied by the broken Spokane National ... that had been vacant years
Source: newspapers

Newspaper Articles (1)

1. December 17, 1929 The Spokane Press Spokane, WA

Article from The Spokane Press, December 17, 1929

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Article Text

Pioneer Talks As Told to Robert Owen By HARRY GOETZ The courage and faith of the citizens of Spokane Falls met its first test in the fire of Au gust 1889 that practically wiped out the town. much improved and prosperous city of brick appear ed from the ruins, and under the impetus of mining lopment in the Coeur Alenes, set tlement and of the farm ing lands the Inland Empire and the the lumber busi as an important the city enjoyed rapid and splendid prosperity for several years But the courage of the citizens and the resources of Spokane soon to be tested in the panic of 1893. There was little indication of impending events to people of the financial situation that was 80 near Trade and industry prospered in this prosperity being reflected in large increase in railway freight tonnage Spokane forward to big year in business The Great North ern completed, and the public still hoped for lower rates. Mining had been resumed in the Coeur Alenes an extensive scale, and territory to the north in the neighborhood the Old Dominion mine booming Heavy falls promised good crops and irrigation now being used effectively varlous points in the Inland Empire More than million dollars had in new building in Spokane in including the new the Marble Bank building erected by M Cannon But Cannon had unfortunately himself to come interested in too many distant and doubtful enterprises Under the leadership of Paul Mohr. W. Durham tells us, "He had been lured into heavy invest ments in coal mines in the Cascade portage railroad scheme around the rapids in the Columbia river above The Dalles. Mohr went east desperate ef. fort to these elephants on New York and Mr. Cannon, realizing critical condition. eagerly scanned his agent's ports. Mohr falled get aid in the and Cannon was forced to ask for help from the Spokane banks. After examination of his affairs on the morning June 3. 1893, the Bank of Spokane Falls failed open its doors for business. This news created sensation and no blame attached to Mr. Cannon by the general public, the popular reaction being one deep sym pathy for the kind hearted pioneer had done much to make Spokane the lively little city which had become Twenty hours the Bank Spokane Falls closed. the Wash ington National and the Washing ton Savings bank suspended pay ment, and hard run on the CitiNational forced to close its doors one hour closing time. On July the Washington National business in quar ters previously occupied by the broken Spokane National Riverbeen side and Howard property that had vacant years banks disasters subjected the remaining These to July 26 the First National and after on steady run of 50 days, became in solvent