22436. State Savings Bank (Tacoma, WA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
savings bank
Start Date
February 17, 1897
Location
Tacoma, Washington (47.253, -122.444)

Metadata

Model
gpt-5-mini
Short Digest
60c66bb8

Response Measures

None

Description

Articles (Feb 1897–Feb 1898) describe the State Savings Bank of Tacoma as defunct with a receiver appointed, assets insufficient, and the bank 'utterly bankrupt' for about a year prior to closing. No contemporaneous run is described; the bank closed and entered receivership and later paid small dividends. Classified as a suspension (failure) leading to permanent closure/receivership.

Events (4)
1. February 17, 1897 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank was 'utterly bankrupt' for about a year prior to closing; alleged fraudulent stock sale and insolvency; assets insufficient to meet claims.
Newspaper Excerpt
AN EMPTY JUDGMENT. City's Claim Against a Defunct Bank Allowed. TACOMA, Feb. 17.-Special.-...the amount due the city is $52,500, after deducting all items...the money was deposited in the bank by George W. Boggs and J. W. McAuley as city treasurers, prior to the appointing of a receiver...
Source
newspapers
2. February 19, 1897 Receivership
Newspaper Excerpt
TACOMA, Feb. 19.-Special.-J. S. Whitehouse today filed an exceedingly interesting report as receiver of the State Savings bank. He states...The receiver holds that the bank was utterly bankrupt for nearly a year prior to the time it closed; ...when the doors were finally closed there would be little left that could be realized upon. The report will be heard before Judge Williamson March 1.
Source
newspapers
3. February 15, 1898 Other
Newspaper Excerpt
Taxes Not a Preferred Lien. ... The petition of Stephen Judson, county treasurer, to have the taxes for the year 1894 against the defendant State Savings Bank, of which J. S. Whitehouse is receiver, made a prior lien on the assets of the bank, was today denied by Judge Carroll in the superior court. The claim amounts to about $1,500.
Source
newspapers
4. February 21, 1898 Other
Newspaper Excerpt
SMALL DIVIDEND RECEIVED. Tacoma Gets $1,500 From Defunct Bank on a $52,000 Claim. ... The payment made today was a pro rata dividend on debts, made by receiver, and is in the sum of $1,500.
Source
newspapers

Newspaper Articles (4)
1. February 18, 1897 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, February 18, 1897

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Article Text

AN EMPTY JUDGMENT. City's Claim Against a Defunct Bank Allowed. TACOMA, Feb. 17.-Special.-An order was issued by Judge Williamson, of the superior court today in the case of Blake against the State Savings bank, which affects the money belonging to the city that was on deposit in the institution when it closed its doors. The city contended for about $80,000 in its first complaint, but the matter was settled by the attorneys today and the order of the court sets the amount at $52,500. The order says that the money was deposited in the bank by George W. Boggs and J. W. McAuley as city treasurers, prior to the appointing of a receiver, and that the amount due the city is $52,500, a.fter deducting all items which represent warrants, notes or instruments and all fictitlous deposits. Some wonder is expressed as to what is meant by fictitious deposite, as this matter was brought out in Boggs' first trial and dismissed. The city will gain nothing by the order, as there are no funds in the receiver's hands to pay the city's claim.

2. February 20, 1897 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, February 20, 1897

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Article Text

NEWS FROM TACOMA. RECEIVER'S REPORT ON THE DEFUNCT STATE SAVINGS BANK. The Institution Was Utterly Bankrupt for a Year Prior to Its Closing-Kept Going From Week to Week by City Treasurer's Deposits-A Member of the Populist Vigilance Committee Writes a Warm Letter of Resignation. Tacoma Bureau of the Post-Intelligencer, 1123 Pacific Avenue. TACOMA, Feb. 19.-Special.-J. S. Whitehouse today filed an exceedingly interesting report as receiver of the State Savings bank. He states that he believes B. Lombard disposed of his stock in the bank in July, 1893, for the purpose of escaping impending liability, and that the sale of the stock was fraudulent. He claims that If a judgment could be recovered against Lombard it might be on the basis of the debts of the bank at the time it became defunct; "but," he continues, "unfortunately, the witnesses that would be required to establish this fact, live in several different states, and would be friendly to the stockholders." The report declares that H. D. Lombard, now of New York, owns 200 shares of stock, but is bankrupt, and a judgment against him would be of no value. Whitehouse continues that probably $100 could be recovered from the remaining stockholders. The report contiues: "The various assets now on hand would realize at public sale but very little, and would not realize much more if held by the receiver, and collection attempted by suit or otherwise. The question, whether it is worth while to sell the assets in order to proceed against the stockholders is one of such doubtful policy that your receiver wishes to submit it to the court. There does not appear to be any prospect of realizing anything for the creditors in either way." The receiver holds that the bank was utterly bankrupt for nearly a year prior to the time it closed; that if it had not been for large deposits made by the city treasurer, the institution would have been compelled to suspend long before it did; that, with the bank's treasury empty when the panie began, and the bank being kept alive from week to week only to allow the stockholders to protect themselves, "and, perhaps, for other illegitimate purposes," it was only natural, that when the doors were finally closed there would be little left that could be realized upon. The report will be heard before Judge Williamson March 1.

3. February 16, 1898 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, February 16, 1898

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Article Text

Taxes Not a Preferred Lien. Special Dispatch to the Post-Intelligencer. TACOMA, Feb. 15.-The petition of Stephen Judson, county treasurer, to have the taxes for the year 1894 against the defendant State Savings Bank, of which J. S. Whitehouse is receiver, made a prior lien on the assets of the bank, was today denied by Judge Carroll in the superior court. The claim amounts to about $1,500.

4. February 22, 1898 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, February 22, 1898

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Article Text

SMALL DIVIDEND RECEIVED. Tacoma Gets $1,500 From Defunct Bank on a $52,000 Claim. Special Dispatch to the Post-Intelligencer. TACOMA, Feb. 21.-The.city today received a cash installment of the money due it from the defunet State Savings bank, which at the time of its decline, according to the controller's books, was indebted to the city in the sum of $86,000. The payment made today was a pro rata dividend on debts, made by receiver, and is in the sum of $1,500. The credits of the city at the time of the failure of the bank led to a suit, those in charge at the bank claiming the city did not have $86,000 due. The result of the action was a judgment in favor of the city for $52,000. and, concluding to let well enough alone, the decision of the court was accepted as final. The $1,500 paid over today is on account of this $52,000. City officials look upon it as a pure pick-up, and were surprised when they learned of it. They expect but a small percentage of the indebtedness all told, and consider anything paid in this way "just like finding it."