Spokane Savings Bank (Spokane, WA)

Episode Information

Episode Type
Run → Suspension → Closure
Start Date
July 26, 1893
Location
Spokane, Washington (47.659, -117.426)
Bank Type
savings
Routing Number
28-0066

Metadata

Notes

Temporary suspension on 1893-07-26 led to eventual receivership by 1897; later wound up by receiver by 1904.

Events (4)

1. July 26, 1893 Run
Cause
Bank Specific Adverse Info
Cause Details
Continued withdrawals tied to inability to realize on securities (liquidity/asset realization problems).
Newspaper Excerpt
A notice was posted that owing to continued withdrawals by depositors and its inability to realize on securities, this bank has temporarily suspended payment.
Source
newspapers
2. July 26, 1893 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Temporarily suspended payments due to continued withdrawals and inability to realize on securities.
Newspaper Excerpt
Notice was posted that owing to continued withdrawals by depositors and inability to realize on securities, this bank has temporarily suspended payment.
Source
newspapers
3. September 25, 1897 Receivership
Newspaper Excerpt
FRED B. GRINNELL, Receiver Spokane Savings Bank. Spokane, Wash., Sept. 25, 1897.
Source
newspapers
4. March 16, 1904 Other
Newspaper Excerpt
Fred B. Grinnell many years, as receiver of the Spokane Savings bank, to wind up its affairs... ordered by Judge Kennan to pay the last money to the creditors.
Source
newspapers

Newspaper Articles (20)

Article from The Wichita Daily Eagle, July 27, 1893

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TWO OF A KIND

SPOKANE, Wash., July 26.-The First National bank and an allied institution of the Spokane Savings bank have suspended payment temporarily. The First National has a capital of $250,000, and the Savings bank of $100,000. No runs were made on the other banks,


Article from The Anaconda Standard, July 27, 1893

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Failure in spokane

SPOKANE, Wash., July 26 At 2 o'clock this afternoon the First National bank closed itsdoors. and with it. its allied inst tution. the Spokane Savings bank. A notice was posted that "owing to continued withdrawals by depositors and its 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 of the other banks of the city. The First National commenced business in December, 1882. Its paid up capital is $250,000. The Spokane Savings bank was organized in 1882 and has a capital stock of $100,000.


Article from Asheville Daily Citizen, July 27, 1893

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A Small Bank Failure

SPOKANE, Wash., July 27.-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 known throughout the city, but it was received quietly. There was no effect perceptible at any of the other banks. President Gloyer stated that the bank has only temporarily suspended and all depositors will be paid in full.


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.


Article from The Herald, July 27, 1893

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A Double Bank Failure at Spokane. SPOKANE, Wash., July 26. - At 2 o'clock this afternoon the First National bank closed its doors, and with it the allied institution of the Spokane Savings bank. A notice was posted that, "Owing to continued withdrawal by depositors and inability to realize on securities, this bank has temporarily suspended payment." President Glover saye that all the depositors will be paid in full. The news created no excitement, and no run upon any other banks occurred. 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 stoek of $100,000. H. L. Cutter is president.


Article from Deseret Evening News, July 27, 1893

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Business Failures

SPOKANE, Wash., July 26.-At 2 o'elock this afternoon the First national bank closed its doors, and with it an allied institution, the Spokane savings bank. A notice was posted that, "Owing to continued withdrawals by depotitors, and inability to realize on securities, this bank has temporarily suspended payment." HELENA, Mont., July 26.-G. W. Cannon, real estate, assigned today. He was a large endorser on corporaNon paper and thestringency of money was the cause of the assignment. The liabilities are $240,000 and the assets $1,500,000. A. M. Holter also made a personal assignment. He, too, is a heavy enfor #5 on corporation paper. His lia-


Article from St. Paul Daily Globe, July 27, 1893

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SPOKANE SUSPENSIONS

The First National and Savings Banks Close. SPOKANE, Wash., 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. A notice was posted that "owing to continued withdrawals 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 no run was made upon any of the other banks of the city. The First National commenced business in December, 1892. Its paidup capital is $250,000. The Spokane Savings bank was organized in 1892, and has a capital stock of $100,000.


Article from The Portland Daily Press, July 28, 1893

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Carpet Dealers Fail

MILWAUKEE, Wis., July 27.-Goldsmith & Co., dealers in carpets, etc., made an assignment yesterday. Two Spokane Banks Suspend. SPOKANE. Wash., July 27.-The First National Bank and Spokane Savings Bank suspended payment yesterday.


Article from The Morning News, July 28, 1893

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SPOKANE BANKS SHUT

The First National and its Savings Department Closed. Seattle, Wash., July 27.-A Spokane special says: "The First National Bank suspended payment yesterday. The Spokane Savings Bank, connected with the Frst National, closed at the same time. In a few minutes the news was generally known throughout the city, but was received quietly. There was no effect perceptible at any of the other banks. President Glover stated that the bank has only temporarily suspended and all depositors will be paid in full."


Article from Huntsville Gazette, July 29, 1893

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FAILURES IN THE WEST

Two Banks in Washington Have Suspended Payments-Two in Montana. SEATTLE, Wash., July 28.-A Spokane special says: The First National bank has suspended payment. 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 wasreceived quietly. There was no effect preceptible at any of the other banks. President Glover stated that the bank has only temporarily suspended, and all depositors will be paid in full.


Article from The Seattle Post-Intelligencer, December 11, 1895

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The following new suits were filed in the superior court yesterday: Fred B. Grinnell, receiver of the Spokane Savings bank, vs. Fred Furth-Promissory note, $1,250. The Emerson Land Company VS. F. H. Whitworth et UX., W. J. Jennings et UX., George C. McKee, Thomas Clancy, James F. McElroy and the Boston National bank of Seattle-Sult for lien, $1,800.48. Frank E. Sims and John Wiley vs. Carlo Segale-Legal services; complaint not filed. American Historical Publishing Company vs. T. D. Schofield-Goods delivered; complaint not filed. Robert Balfour, Robert Brodie and Alexander Guthrie VS. Thomas M. Alvord et ux. and D. F. Le Fevre, assignee-Promissory note $25,000 and foreclosure. The People's Savings bank VS. Joseph B. Dabney-Complaint not filed. Frank I. Blodgett VS. Joseph B. Dabney -Promissory note, $1,000. G.W.Lawton va.C.W.Saunders-ServIces rendered, $203.75. City of Ballard vs. James M. Montserrat et ux. and Stephen Spencer-Suit for lien and foreclosure for sidewalk assessment, $115. Anne J. Auld and Edwin Auld vs. Frank I. Curtis, receiver of the Crescent Lumber Company-Unlawful detainer, $650. First National bank of Seattle vs. D. H. Gilman, B. F. Day and C. G. HelfnerPromissory note, $250. H. W. Wheeler vs. C. P. Stone-Answer: complaint not filed. George M. Savage et ux. vs. George S. Derr-Money due, $130, and attachment. George H. Lounsbury vs. Lyman H. Rogers et ux.-Rent and damages, $4,997.72, and restitution of property. F. D. Seymour V8. Mary D. Hall et al.Complaint not filed. James Berry vs. Selah Tenant et ux.Foreclosure of mechanics' lien, $188.84. City of Ballard vs. Robert MurphyStreet grade assessment; complaint not filed.


Article from The Seattle Post-Intelligencer, September 30, 1897

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RECEIVER'S SALE

RECEIVER'S SALE.-Notice is hereby given that the undersigned will receive sealed bids for the period of thirty days after the first day of October, 1897, for the purchase of $226,200.00, par value, of the first mortgage bonds of the Last Chance Mining Company, and for 97,108 shares of its capital stock, of the par value of $10 per share, Said bonds are secured by first mortgage on said mining company's valuable properties in Shoshone county, Idaho. Such bonds and stocks are to be sold as an entirety, and such bonds are a majority of the first mortgage bonds, the issue of bonds being $400,000.00 (four hundred thousand dollars). Said sale to be for cash, payable within thirty days after notice of acceptance of bid. All bids must be accompanied by a certified check for $5,000 (five thousand dollars). payable to the undersigned, to be forfeited unless full payment be made within the time specified. The undersigned reserve the right to reject any and all bids. All bids must be sealed and addressed to either of the undersigned, at Spokane, Wash. A. D. LYNCH, Receiver First National Bank. FRED B. GRINNELL Receiver Spokane Savings Bank. Spokane, Wash., Sept. 25, 1897.


Article from The Seattle Post-Intelligencer, October 1, 1897

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RECEIVER'S SALE

RECEIVER'S SALE.-Notice is hereby given that the undersigned will receive sealed bids for the period of thirty days after the first day of October, 1897, for the purchase of $226,200.00, par value, of the first mortgage bonds of the Last Chance Mining Company, and for 97,108 shares of its capital stock, of the par value of $10 per share, Said bonds are secured by first mortgage on said mining company's valuable properties in Shoshone county. Idaho. Such bonds and stocks are to be sold as an entirety, and such bonds are a majority of the first mortgage bonds, the issue of bonds beIng $400,000.00 (four hundred thousand dollars). Said sale to be for cash, payable within thirty days after notice of acceptance of bid. All blds must be accompanied by a certified check for $5,000 (five thousand dollars). payable to the undersigned, to be forfeited unless full payment be made within the time specified. The undersigned reserve the right to reject any and all bids. All bids must be sealed and addressed to either of the undersigned, at Spokane, Wash. A. D. LYNCH, Receiver First National Bank. FRED B. GRINNELL, Receiver Spokane Savings Bank. Spokane, Wash., Sept. 25, 1897.


Article from The Seattle Post-Intelligencer, October 2, 1897

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RECEIVER'S SALE

RECEIVER'S SALE.-Notice is hereby given that the undersigned will receive sealed bids for the period of thirty days after the first day of October, 1897, for the purchase of $226,200.00, par value, of the first mortgage bonds of the Last Chance Mining Company. and for 97,108 shares of its capital stock, of the par value of $10 per share, Said bonds are secured by first mortgage on said mining company's valuable properties in Shoshone county, Idaho. Such bonds and stocks are to be sold as an entirety, and such bonds are a majority of the first mortgage bonds, the issue of bonds beIng $400,000.00 (four hundred thousand dollars). Said sale to be for cash, payable within thirty days after notice of acceptance of bid. All bids must be accompanied by a certified check for $5,000 (five thousand dollars), payable to the undersigned, to be forfeited unless full payment be made within the time specified. The undersigned reserve the right to reject any and all bids. All bids must be sealed and addressed to either of the undersigned, at Spokane, Wash. A. D. LYNCH, Receiver First National Bank. FRED B. GRINNELL, Receiver Spokane Savings Bank. Spokane, Wash., Sept. 25, 1897.


Article from The Seattle Post-Intelligencer, October 3, 1897

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RECEIVER'S SALE

RECEIVER'S SALE-In the superior court of King county, state of Washington. J. W. Van Brocklin, plaintiff. VS. Queen City Printing Company, defendant. No 23,378. Notice of sale. Notice is hereby given that the undersigned will receive sealed bids for the period of ninety days from and after October 1, 1897, for the purchase of the following described property, viz.: For the entire plant and stock in trade, together with the business and good will of the Queen City Printing Company, now being operated by the undersigned as a job printing and publishing office. The property consists of a complete outfit of job and body type and furniture, also 1 Babcock cylinder press, 3 Gordon job presses, power paper cutter, wire stitcher and other machinery and tools necessary for carrying on a very extensive printing business; also a small stock of paper and inks. Said sale to be for cash upon approval by the court. All bids must be accompanied by a certified check for $100, said check to be returned to bidder in case his bid is rejected. Said receiver reserves the right to reject any and all bids. D. E. DURIE. Receiver of Queen City Printing Co., 210 Occidental Ave., Seattle, Wash, RECEIVER'S SALE-Notice is hereby given that the undersigned will receive sealed bids for the period of thirty days after the first day of October, 1897, for the purchase of $226,200.00, par value, of the first mortgage bonds of the Last Chance Mining Company, and for 97,108 shares of its capital stock, of the par value of $10 per share. Said bonds are secured by first mortgage on said mining company's valuable properties in Shoshone county, Idaho. Such bonds and stocks are to be sold as an entirety, and bonds are a majority of the first sue mortgage bonds, the Issue of bonds being $100,000.00 (four hundred thousand dollars). Sald sale to be for cash, payable within thirty days after notice of acceptance of bid. All bids must be accompanied by a certifled check for $5,000 (five thousand dollars). payable to the undersigned. to be forfeited unless full payment be made within the time specified. The undersigned reserve the right to reject any and all bids. All bids must be sealed and addressed to either of the undersigned, at Spokane, Wash. A. D. LYNCH, Receiver First National Bank. FRED B. GRINNELL Receiver Spokane Savings Bank. Spokane, Wash.. Sept. 11. 1897.


Article from The Seattle Post-Intelligencer, October 4, 1897

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RECEIVER'S SALE

RECEIVER'S SALE.-Notice is hereby given that the undersigned will receive sealed bids for the period of thirty days after the first day of October, 1897, for the purchase of $226,200.00, par value, of the first mortgage bonds of the Last Chance Mining Company, and for 97,108 shares of its capital stock, of the par value of $10 per share. Said bonds are secured by first mortgage on said mining company's valuable properties in Shoshone county. Idaho. Such bonds and stocks are to be sold as an entirety, and such bonds are a majority of the first mortgage bonds, the issue of bonds beIng $400,000.00 (four hundred thousand dollars). Said sale to be for cash, payable within thirty days after notice of acceptance of bid. All bids must be accompanied by a certifled check for $5,000 (five thousand dollars). payable to the undersigned, to be forfeited unless full payment be made within the time specified. The undersigned reserve the right to reject any and all bids. All bids must be sealed and addressed to either of the undersigned. at Spokane Wash. A. D. LYNCH, Receiver First National Bank. FRED B. GRINNELL Receiver Spokane Savings Bank. Spokane, Wash.. Sept. 25, 1897.


Article from The Seattle Post-Intelligencer, October 6, 1897

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RECEIVER'S SALE

IN THE SUPERIOR COURT OF THE State of Washington for King County. W. W. Dearborn et al., plaintiffs, VS. The Washington Savings Bank, defendant. No. 17,308. Notice is hereby given that under an order of court made in said cause on October 1. 1897, the undersigned will sell at public auction to the highest and best bidder for cash, on Wednesday, October 20th, 1897, all those certain pieces of personal property of the Washington Savings Bank set out and described in a certain petition of the undersigned, filed in said court on the 30th day of August, 1897. Said property consists among other things of the following: Promissory notes, secured by mortgage and other collateral, and unsecured. Yakima county warrants. Whatcom county warrants. Seattle street improvement warrants. Town of Columbia warrants. Town of Hamilton warrants. Town of Centralia warrants. Clailam county warrants. Anacortes school district warrants. Tax certificates and tax deeds on property in King county. Washington, for the years 1890, 1891, 1892 and 1893. Said sale will take place in the Library Room of the King County Court House, Seattle, King County, Washington, and will be continued from day to day until all the property is sold. Terms of sale: Ten per cent. cash on the day of sale and the balance in cash on confirmation of sale by the court. A detailed list of said property may be had on application to the undersigned. At the same time and place the receiver will, under an order of court in said cause, sell ten six per cent. bonds of the Third Street & Suburban Railway Company to the highest and best bidder for cash, upon the following terms: No bid to be received for less than $1,380 for the ten bonds: terms, ten per cent. cash on the day of sale and balance in cash on confirmation of sale by the court. GEORGE H. KING. Receiver of the Washington Savings Bank, Room 53, Boston Block, Seattle, Washington. Clise & King. Attorneys for Receiver. Date of first publication October 5, 1897. RECEIVER'S SALE.-Notice is hereby given that the undersigned will receive sealed bids for the period of thirty days after the first day of October, 1897, for the purchase of $226,200.00, par value, of the first mortgage bonds of the Last Chance Mining Company, and for 97,108 shares of its capital stock, of the par value of $10 per share. Said bonds are secured by first mortgage on said mining company's valuable properties in Shoshone county, Idaho. Such bonds and stocks are to be sold as an entirety, and such bonds are a majority of the first mortgage bonds. the issue of bonds being $400,000.00 (four hundred thousand dollars). Said sale to be for cash. payable within thirty days after notice of acceptance of bid. All bids must be accompanied by a certifled check for $5,000 (five thousand dollars), payable to the undersigned, to be forfeited unless full payment be made within the time specified. The undersigned reserve the right to reject any and all bids. All bids must be sealed and addressed to either of the undersigned, at Spokane. Wash. A. D. LYNCH, Receiver First National Bank. FRED B. GRINNELL, Receiver Spokane Savings Bank. Spokane, Wash.. Sept. 25, 1897.


Article from The Seattle Post-Intelligencer, October 7, 1897

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RECEIVER'S SALE

IN THE SUPERIOR COURT OF THE State of Washington for King County. W. W. Dearborn et al., plaintiffs, vs. The Washington Savings Bank, defendant. No. 17,308. Notice is hereby given that under an order of court made in said cause on October 1, 1897, the undersigned will sell at public auction to the highest and best bidder for cash, on Wednesday, October 20th, 1897, all those certain pieces of personal property of the Washington Savings Bank set out and described in a certain petition of the undersigned. filed in said court on the 30th day of August, 1897. Said prop. rty consists among other things of the following: Promissory notes, secured by mortgage and other collateral. and unsecured. Yakima county warrants. Whatcom county warrants. Seattle street improvement warrants. Town of Columbia warrants. Town of Hamilton warrants. Town of Centralia warrants. Clallam county warrants. Anacortes school district warrants. Tax certificates and tax deeds on property in King county. Washington, for the years 1890, 1891. 1892 and 1893. Said sale will take place in the Library Room of the King County Court House, Seattle, King County, Washington, and will be continued from day to day until all the property is sold. Terms of sale: Ten per cent. cash on the day of sale and the balance in cash on confirmation of sale by the court. A detailed list of said property may be had on application to the undersigned. At the same time and place the receiver will. under an order of court in said cause, sell ten six per cent. bonds of the Third Street & Suburban Railway Company to the highest and best bidder for cash, upon the following terms: No bid to be received for less than $1.380 for the ten bonds: terms, ten per cent. cash on the day of sale and balance in cash on confirmation of sale by the court. GEORGE H. KING, Receiver of the Washington Savings Bank, Room 53, Boston Block, Seattle, Washington. Clise & King, Attorneys for Receiver. Date of first publication October 5, 1897. RECEIVER'S SALE.-Notice is hereby given that the undersigned will receive sealed bids for the period of thirty days after the first day of October, 1897, for the purchase of $226,200.00, par value, of the first mortgage bonds of the Last Chance Mining Company. and for 97,108 shares of its capital stock, of the par value of $10 per share. Said bonds are secured by first mortgage on said mining company's valuable properties in Shoshone county, Idaho. Such bonds and stocks are to be sold as an entirety. and such bonds are a majority of the first mortgage bonds, the issue of bonds being $400,000.00 (four hundred thousand dollars). Said sale to be for cash, payable within thirty days after notice of acceptance of bid. All bids must be accompanied by a certified check for $5,000 (five thousand dollars), payable to the undersigned, to be forfeited unless full payment be made within the time specified. The undersigned reserve the right to reject any and all bids. All bids must be sealed and addressed to either of the undersigned, at Spokane, Wash. A. D. LYNCH, Receiver First National Bank. FRED B. GRINNELL, Receiver Spokane Savings Bank. Spokane, Wash.. Sept. 25, 1897.


Article from The Seattle Post-Intelligencer, October 8, 1897

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RECEIVER'S SALE

IN THE SUPERIOR COURT OF THE State of Washington for King County, W. W. Dearborn et al., plaintiffs, VS. The Washington Savings Bank, defendant. No. 17,308. Notice is hereby given that under an order of court made in said cause on October 1. 1897, the undersigned will sell at public auction to the highest and best bidder for cash, on Wednesday, October 20th, 1897, all those certain pieces of personal property of the Washington Savings Bank set out and described in a certain petition of the undersigned, filed in said court on the 30th day of August, 1897. Said property consists among other things of the following: Promissory notes, secured by mortgage and other collateral, and unsecured. Yakima county warrants. Whatcom county warrants. Seattle street improvement warrants. Town of Columbia warrants. Town of Hamilton warrants. Town of Centralia warrants. Clallam county warrants. Anacortes school distruct warrants. Tax certificates and tax deeds on property in King county, Washington, for the years 1890, 1891, 1892 and 1893. Said sale will take place in the Library Room of the King County Court House, Seattle, King County, Washington, and will be continued from day to day until all the property is sold. Terms of sale: Ten per cent. cash on the day of sale and the balance in cash on confirmation of sale by the court. A detailed list of said property may be had on application to the undersigned. At the same time and place the receiver will, under an order of court in said cause, sell ten six per cent. bonds of the Third Street & Suburban Railway Company to the highest and best bidder for cash, upon the following terms: No bid to be received for less than $1,380 for the ten bonds: terms. ten per cent. cash on the day of sale and balance in cash on confirmation of sale by the court. GEORGE H. KING. Receiver of the Washington Savings Bank, Room 53, Boston Block, Seattle, Washington. Clise & King. Attorneys for Receiver. Date of first publication October 5, 1897. RECEIVER'S SALE.-Notice is hereby given that the undersigned will receive sealed bids for the period of thirty days after the first day of October, 1897, for the purchase of $226,200.00, par value, of the first mortgage bonds of the Last Chance Mining Company, and for 97,108 shares of its capital stock, of the par value of $10 per share. Said bonds are secured by first mortgage on said mining company's valuable properties in Shoshone county. Idaho. Such bonds and stocks are to be sold as an entirety, and such bonds are a majority of the first mortgage bonds. the issue of bonds being $400,000.00 (four hundred thousand dollars). Said sale to be for cash, payable within thirty days after notice of acceptance of bid. All bids must be accompanied by a certifled check for $5,000 (five thousand dollars). payable to the undersigned, to be forfeited unless full payment be made within the time specified. The undersigned reserve the right to reject any and all bids. All bids must be sealed and addressed to either of the undersigned, at Spokane, Wash. A. D. LYNCH. Receiver First National Bank. FRED B. GRINNELL. Receiver Spokane Savings Bank. Spokane, Wash., Sept. 25, 1897.


Article from The Spokane Press, March 16, 1904

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GRINNELL'S SUCCESS It has taken Fred B. Grinnell many years, as receiver of the Spokane Savings bank, to wind up its affairs, but he has at last accomplished the task and comes within 6 per cent of paying the creditors in full. He was yesterday ordered by Judge Kennan to pay the last money to the creditors. This last payment is $9596.95. Some of the creditors can not be found and their shares will be paid into court to be held for them.