First National Bank (Bellingham, WA)

Article Text

RUN ON A WHATCOM BANK

Caused by a Personal Quarrel Between Officials-The Bank Is Safe. WHATCOM, Aug. [Special. - The reports growing out of a personal quarrel between P.E. Dickinson, former president, and C. M. Atkins, present president of the First National bank of this city, caused a run on the bank, which began yesterday morning and ceased today at noon without injuring the bank, which remains open for business. The business men stood by the bank, making larger deposits than were withdrawn and confidence was fully restored before noon today. The First National is the oldest bank on the bay, and has 400 depositors in good financial standing. Furth, Gatzert and Holmes, of Seattle, are stockholders. All danger of injuring the bank is past. Other banks here offer aid if necessary.

Article Text

e Short Lived The Bank Met All Claims Promptly and is Still in Good Condition Several Capitalists Guaranteed Depositors Against All Possible Losses Before the doors of the First National bank, of Whatcom, were thrown open yesterday morning a big crowd had collected in front of the bank and on the adjacent street corners. The rumors which had been quietly but industriously circulated for some time past by malicious persons who, in order to vent personal spite, endeavored to wreck a reputable financial institution, culminated on Thursday af ternoon and a slight run resulted. The officers of the bank, however, had been apprised of the detrimental rumors, and immediate steps were taken to meet all demands which might be made yesterday morning when the bank opened. Offers of assistance were made by other banks of Bellingham bay, and President C. M. Atkins, of the First National, immediately caused the books to be written up to date and each depositor's account balanced, SO that no delay would be occasioned when the bank opened Friday morning Substantial offers of assistance were also received from business men and capitalists of Whatcom, who expressed their entire confidence in the bank, and were willing to back their opinions with their property and money. Yesterday morning, therefore, the bank was in excellent shape and ready to meet all demands. The doors were opened, and the crowd some hurriedly, others took from checked out. : dreds, varying their came were time, in, $2.50 and to many several The amounts, follow- huning notice, posted on the paying teller's window, was looked at and read with interest. and it convinced many that their fears were groundless: After an examination of the condition of the First National bank of Whatcom, we believe it to be entirely sound and safe, and hereby guarantee depositors against any loss. EUGENE CANFIELD, H. B. WILLIAMS, C. M. WILLIAMS. WILL D. JENKINS. Aug. 14. This guarantee, representing at least a million of money or money's worth, did much to restore confidence. I Deposits came in as rapidly as money was paid out, and when closing time came only $6,500 had been withdrawn, while the deposits aggregated upwards of $7,000. The run had exhausted itself by 11 o'clock, and only the ordinary amount of business was transacted during the / remainder of the day. The attempt to down the bank was an utter failure, and the bank came through what was more or less of a trying ordeal, with its credit unimpaired and a knowledge that it had many e staunch friends who were not willing to see a nefarious plot succeed in ruining the pioneer bank of Whatcom county 1. President Atkins, in reply to an inquiry as to the bank's affairs, said: We received more offers of cash than we needed, and we have plenty to meet all present or future demands. The condition of the bank is excellent, as is proved by its last statement and the report of those who have examined into its affairs. The offers of assistance which we received from the other banks of Bellingham bay, as well as by business mengenerally were most gratifying. The Fairhaven banks were especially prompt in offers of assistance. We have a good balance on hand and no further trouble is anticipated, but if there should be s' we are thoroughly prepared to meet it." " It is a very easy matter to injure a bank's standing during these quiet times, and those who, with malice SO are are the of men. prepense, nals. paper Banks do business everywhere blackened while carrying crimi- these in turn are giving credit to their customers. A panic like this would be far-reaching in its consequences. and of would affect the entire community ng However, since all danger is over, the he bank management is to be congratund lated on the prompt, efficient and de ry u cisive steps taken to nip in the bud y anything pertaining to a panic, and it will be conceded that they have beer eminently successful. h.

Article Text

FINANCIAL No better demonstration of the healthy state, financially, of the Bellingham bay cities can be cited than the effect. or rather lack of effect, of the incipient run on the First National Bank of Whatcom, which took place on Friday of last week. As one set of customers left the bank after drawing the amounts of their various deposits, others, weighted down with bags of gold and silver, slowly climbed the steps leading into the cashier's room, and when after a brief hour of unwonted excitement the "run" had worn itself out, the coffers of the bank contained more legal tender than at the opening hour. As the physician seeks the pulse of a patient to aid him in his diagnosis, so can the financial condition of a community be determined by an examination into the soundness of its banks. Our banks are good for much more than one hundred cents on the dollar and there is an ample supply of money for all the purposes of trade.