22478. Walla Walla Savings bank (Walla Walla, WA)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
May 1, 1895*
Location
Walla Walla, Washington (46.065, -118.343)

Metadata

Model
gpt-5-mini
Short Digest
275551e6

Response Measures

None

Description

Articles show the Walla Walla Savings bank had a receiver (J. W. McGhee) and is described as defunct/thoroughly looted by its manager Edmiston; no run is reported. The failure appears driven by embezzlement/mismanagement and the bank remained closed with receivership and asset liquidations through 1896-1897.

Events (4)

1. May 1, 1895* Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank effectively failed due to looting/diversion of funds by chief manager J. K. Edmiston; assets vastly insufficient to cover deposits.
Newspaper Excerpt
Sheriff's sale of real estate was confirmed yesterday in the case of Franklin Paine, receiver of the Walla Walla Savings bank vs. James McDonald et al.
Source
newspapers
2. January 21, 1896 Receivership
Newspaper Excerpt
J. W. McGhee, jr., as receiver of the Walla Walla Savings bank ... are attempting to recover judgment ...; Foreclosing on Rainier Beach Property ... the $4,000 note to the Walla Walla Savings bank.
Source
newspapers
3. December 19, 1896 Other
Newspaper Excerpt
The depositors of the defunct Walla Walla Savings bank have had their last hopes destroyed by the recent report of Receiver McGhee. The estimated value of the assets being only $5,492.90, and the amount due depositors nearly $250,000 ... Never was a bank more thoroughly looted than the Walla Walla Savings bank by its chief manager, Edmiston, who diverted the funds of the institution to his own speculative purposes, and defrauded his depositors and stockholders alike.
Source
newspapers
4. April 10, 1897 Other
Newspaper Excerpt
Sheriff's sale of real estate was confirmed yesterday in the case of Franklin Paine, receiver of the Walla Walla Savings bank vs. James McDonald et al. The property ... sold May 10, 1895, to John W. McGhee for $3,705.95.
Source
newspapers

Newspaper Articles (4)

Article from The Seattle Post-Intelligencer, January 21, 1896

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Article Text

Foreclosing on Rainier Beach Property By a suit brought in the superior court yesterday J. W. McGhee, jr., as receiver of the Walla Walla Savings bank, and H. H. A. Hastings, as receiver of the Security Savings bank, are attempting to recover judgment for $4,000 and $10,000, respectively. The cause of action dates from September 2, 1892, when It is alleged David C. Hay, v ho is named as principal defendant, was in debt to J. K. Edmiston in $19,000, a balance of the purchase price arising from the sale of fourteen blocks at Rainier beach, and exocuted to Edmiston three promissory notes, due in thirty months, for $10,000, $5,000 and $4,000. The $10,000 note was transferred subsequently to the Security Savings bank, the $5,000 note to H. M. Chase and the $4,000 note to the Walla Walla Savings bank. Chase, who refuses to join as plaintiff, is made a defendant, along with Mary C. Dalziel, Thomas Wilson and wife, the Latona Land and Mortgage Company, the Seattle & Rainier Beach Railway Company and J. H. McLafferty. The court is asked to determine the rights of the parties and grant a judgment of foraclosure.


Article from The Dalles Times-Mountaineer, December 19, 1896

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Article Text

Thoroughly Looted. The depositors of the defunct Walla Walla Savings bank have bad their last hopes destroyed by the recent report of Receiver McGhee. The estimated value of the assets being only $5,492.90. and the amount due depositors nearly $250,000, it may be said that any dividend to be expected would be infinitesimal. Never was a bank more thoroughly looted than the Walla Walla Savings bank by its chief manager, Edmiston, who diverted the funds of the institution to his own speculative purposes, and defrauded his depositors and stockholders alike.-Walla Walla Union.


Article from The Seattle Post-Intelligencer, April 10, 1897

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Article Text

Court Notes. John Olsen has been appointed admin$200. istrator of the estate of Anna Olsen; bond, Judge Benson signed judgment yesterday in favor of R. W. Barto against R. Dungwall et al. for $144.50 and $22 costs. A. L. Brown was yesterday appointed administrator of the estate of W. D. MoApril. Millin, who died at Cripple Creek last P. F. Dewey yesterday filed his official bond for $500 as justice of the peace at Sunnydale, his sureties being Mr. and Mrs. N. H. Dodds and Mr. and Mrs. James Caspers. Edward Wilson will have a hearing before Judge Moore this afternoon on the charge of insanity. He was lodged in Jail yesterday on complaint of Capt. G. W. Hogle, of the police department. C. M. Sheafe, as receiver of the Washington Savings bank, was directed yesterday by court order to issue to the Nevada Bank of San Francisco his certificate for $2,487.46, and pay the dividends thereon as soon as he has funds to do so. Sheriff Moyer went to Olympia yesterday, as predicted in the Post-Intelligencer several days ago. He has several matters of business there to look after, among them being the execution set for April 23, concerning which he will confer with Gov. Rogers. Sheriff's sale of real estate was confirmed yesterday in the case of Franklin Paine, receiver of the Walla Walla Savings bank VS. James McDonald et al. The property consisted of a variety of King county lands, sold May 10, 1895, to John W. McGhee for $3,705.95. P. V. Davis yesterday recovered judgment for $7,300 and interest against Mr. and Mrs. D. T. Denny on four promissory notes, executed as follows: March 22, 1893, $3,600; March 27, 1893, $3,000; March 27, 1893, $600; August 21, 1895, 100. Interest runs from the date of each note. The city filed ansyer yesterday in several suits in which the plaintiffs sought to recover money paid for street grade taxes. August Melhorn wanted $80.70, John Manion $191.10, and Adam Ihrig. jr., $124.67. The city's answer set up the affirmative defense that the money paid in each Instance had been used specifically for the improvement of the street on which Cie property lies. The Hay damage suit against the Oregon Improvement Co. went to the jury yesterday afternoon. The few fragments of testimony not already in were dulv put before the jury at an early hour yesterday. Will E. Humphrey made the opening speech for the plaintiff. He was followed by S. S. Piles for the defendant company, and John A. Humphries closed for the plan tiff. At a late hour in the evening Job. "e Jacobs Instructed the jury that the attor-eys had ngreed on a sealed verdict, which will probably be brought into court this morning. The Denny tide land contest, involving the title to all the water front property between Washington and Columbia streets, was concluded yesterday, and taken under advisement by Judge Moore.


Article from The Seattle Post-Intelligencer, July 14, 1897

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Article Text

# A Compromise Settlement. H. H. A. Hastings, as receiver of the Security Savings bank, yesterday filed a petition for leave to compromise certain promisssory notes held among the bank's assets. It appears that in January, 1883, William L. Stirling and Thomas Carmichael executed three notes, two for $5.00 each and one for $2.625. One of these was acquired by the Walla Walla Savings bank, and after a receiver had been appointed for that institution suit was