4031. Bank of Wallace (Wallace, ID)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
December 17, 1890
Location
Wallace, Idaho (47.474, -115.928)

Metadata

Model
gpt-5-mini
Short Digest
39f4a81b

Response Measures

None

Description

Multiple contemporary reports (Dec 17, 1890) state the Bank of Wallace (a branch owned by Charles/Clarence Hussey) 'made an assignment' / suspended due to lack of funds and inability to realize on mining securities. No article describes a depositor run; later (Mar 11, 1891) a receiver (Peter Porter) is mentioned, indicating permanent closure and receivership.

Events (2)
1. December 17, 1890 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Failure to realize on securities/advances for development of mining properties and lack of funds to meet heavy demands; owner (Charles/Clarence Hussey) made assignment for benefit of creditors.
Newspaper Excerpt
The suspension was precipitated by the failure of three branches in the Coeur d'Alene mining district, viz: the Bank of Wallace, Bank of Wardner and Bank of Murray. ... The suspension is due to a lack of funds to meet the present heavy demand.
Source
newspapers
2. March 11, 1891 Receivership
Newspaper Excerpt
The grand jury of Shoshone county has just submitted its report of the investigation of the Bank of Wallace and Bank of Murray, which failed last Fall. ... it calls for a report from Peter Porter, receiver of the estate of Charles Hussey, not later than the 15th instant.
Source
newspapers

Newspaper Articles (11)
1. December 18, 1890 Sacramento Daily Record-Union Sacramento, CA
Article from Sacramento Daily Record-Union, December 18, 1890

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Article Text

ELECTRIC FLASHES. Condensed Telegraphic Dispatches from All Parts of the World. Dr. Nathaniel Rosenkranz. a native of San Francisc), and a graduate of the Cooper Col lege. was honored with the doctor's degree by the medical faculty of the University of Wuerzburg. Evidence before the London Court of Inquiry on the loss of the cruiser Serpent shows there was no panic aboard the vessel. The crew died manfully, and the Commander acted with coolness and gallantry to the end. Harvard will not be represented in the intercollegiate games next spring, the Athletic Committee having so decided. Neither will the Harvard Cricket Club be allowed to play its annual game with the University of Pennsylvania. Charles Hussey, owner of the banks at Murray and Wallace, Idaho, has made an assignment for the benefit of his creditors. It is believed that the assets are sufficient to cover the liabilities. The suspension is due to a lack of funds to meet the present heavy demand. Among the lost laws brought to light two weeks ago in the libel suits against the Arizona Republican was the Sunday rest bill. prohibiting places of business from keeping open on Sunday in incorporated cities. Forty-one arrests were made for violating the law on last Sunday. The arrested persons include storekeepers, saloon men, and newspaper proprietors. A test case will be tried and great interest is manifested in the result. Walter Potter, of the bankrupt firm of Potter, Lovell & Co., whose failure several weeks ago caused such widespread disaster, has been again arrested. This time the proceedings are at the instance of a Baltimore instead of a Phi'adelphia firm. The warrant is based on the complaint of Slingluff, Disney & Co., a large Baltimore shoe house, charging the embezziement of the firm's note for $3.881, placed with the Potter-Loveli Company for negotiation.

2. December 18, 1890 The Helena Independent Helena, MT
Article from The Helena Independent, December 18, 1890

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Article Text

SPOKANE BANK CLOSED. The Spokane National and Its Three Branches Suspended. SPOKANE FALLS, Dec. 17.-[Special.]The Spokane National bank, one of the largest banks in the city, closed its doors this morning. Its immediate liabilities are estimated at $300,000. W. Hussey, the cashier, claims the assets will exceed the liabilities by $150,000. The suspension was precipitated by the failure of three branches in the Coeur d'Alene mining district, viz.: Bank of Wallace, Bank of Wardner, and Bank of Murrav. The bank has been known to be in financial straits for the past year, but heretofore it has been assisted by other banks. The bank was formerly a United States depository, but the government withdrew its deposits about two weeks ago.

3. December 18, 1890 The Helena Independent Helena, MT
Article from The Helena Independent, December 18, 1890

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Article Text

Lack of Funds. PORTLAND, Ore., Dec. 17.-News was received here that Charles Hussey, the owner of banks at Murray and Wallace, Idaho, has made an assignment. It is believed the assets are sufficient to cover the liabilities. The suspension is due to a lack of funds to meet the present heavy demands.

4. December 18, 1890 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, December 18, 1890

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Article Text

The Spokane National Bank Is Forced to Suspend. HAS BEEN SHAKY A LONG TIME. Other Banks Investigate Affairs and Decline to Give Aid. S. A. Kean & Co., the Great Chicago Bankers Who Handled Western Municipal Bonds, Are Unable to Raise Funds to Continue Business. SPOKANE FALLS, Dec. 17.-The doors of the Spokane National bank, one of the largest institutions in the city, were closed For a it has been this morning. nearly year known among bankers that the bank was in financial straits, and more than once other banks have helped it out. Last Monday evening Messrs. W. H. Taylor, president, and Warren Hussey, cashier, notified various banking houses of the city of their distress, and asked for assistance. The officers of the other banks called a meeting that evening, at which Messrs. Hussey and Taylor were invited to be present and make a showing of the affairs of the bank. The bankers adjourned with the understanding that the bank could not open Tuesday morning without assistance, and that such assistance should be tendered for Tuesday. or until a full investigation of the affairs could be made. The showing made at that meeting was not borne out by the investigation that was made yesterday. At all events the sum of $60,000 was raised by other banks to tide over the affairs of the Spokane National until the books could be examined. Last evening another conférence was held, when it was developed that $53,000 of the $60,000 was paid out yesterday, and that immediate obligations might be presented at any time for $300,000, instead of $90,000, as at first understood. When it became apparent to the bankers composing the conference that the bank would have to suspend the conference adjourned at a late hour this morning. The difficulty was precipitated by the failure of three branches in the Cour d'Alene mining district. namely: The Bank of Wallace. the Bank of Wardner and the Bank of Murray. The failure is said to have been brought about by failure to realize on securities held by the bank for advances made for the development of various mining properties. The bank was formerly a United States depository, but the government withdrew its deposits about two weeks ago. Cashier Hussey claims that the assets exceed the liabilities by $140,000, and that other banks are in no way effected by the collapse. The condition of the National Bank of Spokaue Falls, according to the report of the comptroller of the currency, made October 2; 1890, was as follows: $100,000 Capital stock 31,609 Surplus and undivided profits, 568,592 Deposits Loans and discounts 399,120

5. December 18, 1890 The Cheyenne Daily Leader Cheyenne, WY
Article from The Cheyenne Daily Leader, December 18, 1890

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Article Text

Failure at Spokane. SPOKANE FALLS, Wash., Dec. 17.The Spokane National bank, one of the largest banks in the city, closed its doors this morning. Its immediate liabilities are estimated at $300,000. W. Hussey, the cashier, claims that the assets will exceed the liabilities by $140,000. The suspension was precipitated by the failure of three branches in the Couer d'Alene mining district, viz: the Bank of Wallace, Bank of Wardner and the Bank of Murray. The bank was known to have been in financial straits for the past year, but heretofore had been assisted by other banks. The bank was formally a United States depository, but the government withdrew its deposits about two weeks ago.

6. December 18, 1890 The Madison Daily Leader Madison, SD
Article from The Madison Daily Leader, December 18, 1890

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Article Text

Forced to the Wall. PORTLAND, Ore., Dec. 17.-News has been received here that Clarence Hussey, the owner of the banks at Murray and Wallace, Idaho, has assigned for the benefit of his creditors. It is believed that the assets will be sufficient to cover the liabilities. The suspension is due to lack of funds to meet the present heavy demands.

7. December 18, 1890 Fort Worth Daily Gazette Fort Worth, TX
Article from Fort Worth Daily Gazette, December 18, 1890

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Article Text

national bank until the books could be examined. Last evening another important conference was held, when it was developed that $35,000 was paid out yesterday, that immediate obligations might be presented at any time for $300,000, instead of $90,000 as was at first understood. It then became apparent to the bankers composing the conference that the bank would have to suspend. A conference was held in the Citizens' National bank and adjourned at a late hour this morning. The difficulty was precipitated by the failure of three branches in the Coeur d'Alene mining district, namely the bank of Wallace, the bank of Wardner and the bank of Murray. It is said to have been brought about by a failure to realize on securities held by the bank for advances made for the development of various mining properties. The bank was a United States depository, but the government withdrew its deposits about two weeks ago. WILL PROBABLY RESUME. MINNEAPOLIS, MINN., Dec. 17.-Aid from Chicago bankers, from other cities and from forty leading business men of Huron, South Dakota, has been assured and the Huron national bank will probably resume business to-morrow and pay the depositors in full. The run on the bank is said to have been caused by anonymous letters sent to depositors by enemies of the bank, and the police are trying to find the person who wrote them. WHOLESALE GROCERS ASSIGN. KEOKUK, Iowa, Dec. 17.-Collier, Robertson & Hambleton, who gave a mortgage on their wholesale grocery stock and building 8 few days ago, today made an assignment to James W. Summers of the State national bank. The sched ule of liabilities amount to a little over $184,000; assets less than half of this amount.

8. December 18, 1890 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, December 18, 1890

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Article Text

PORTLAND, Oregon, Dec. 17.-News has been received here that Charles Hussey, owner of the banks at Murray and Wallace, Idaho, has made an assignment. It is be-1 lieved the assets are suficient to cover lia bilities. The suspension is due to lack of funds te meet the present heavy demand.

9. December 24, 1890 Watertown Republican Watertown, WI
Article from Watertown Republican, December 24, 1890

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Article Text

Idaho Bank Failure. PORTLAND, Ore., Dec. 17.-News has been received here that Charles Hussey, owner of the banks at Murray and Wallace, Idaho, has made an assignment for the benefit of his creditors. It is believed the assets are sufficient to cover the liabilities. The suspension was due to the lack of funds to meet the present heavy demands.

10. December 27, 1890 The Superior Times Superior, WI
Article from The Superior Times, December 27, 1890

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Article Text

Idaho Bank Failure. PORTLAND, Ore., Dec. 17.-News has been received here that Charles Hussey, owner of the banks at Murray and Wallace, Idaho, has made an assignment for the benefit of his creditors. It is believed the assets are sufficient to cover the liabilities. The suspension was due to the lack of funds to meet the present heavy demands.

11. March 11, 1891 Wood River Times Hailey, ID
Article from Wood River Times, March 11, 1891

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Article Text

THE RUSSEY BANKS. The Grand Jury of Shoshone County Disapproves of Their System of Banking. The grand jury of Shoshone county has just submitted its report of the investigation of the Bank of Wallace and Bank of. Murray, which failed last Fall. It finds that there was $29,094 35 of county funds on deposit at the time of the failure, which should have been on hand; and, while the assets of Charles Hussey, principal owner of the banks, amount in value to more than the value of the sum of his liabilities, it disapproves of bis system of banking. It also calls for a report from Peter Porter, receiver of the estate of Charles Hussey, not later than the 15th instant.