Columbia National Bank (Bellingham, WA)

Article Text

Another New Whatcom Failure

SEATTLE, Wash., June 23. - The Columbia National bank of New Whatcom suspended today. No statement is given. The cashier says the assets are $226,000; liabilities $110,000.

Article Text

THE BROKEN PACIFIC COAST BANKS

BAD MANAGEMENT IN SAN FRANCISCO-SIGNS OF IMPROVEMENT VISIBLE. San Francisco, June 24.-The Concrete opinion of the bankers of San Francisco is that the Pacific Bank was compelled to suspend payment because It made unwise Investments In securities from which it could not get out its money. and that the People's Home Savings Bank was compelled to suspend because it had not on hand coin enough to stand the run sure to follow the announcement of the suspension of the Pacific Bank, its business associate. In other words. the failure of the Pacific Bank was not more due to the present financial troubles than to fundamental weakness in Its management. The flurry seems to have passed in this city, and no anxiety is felt that other banks will succumb. Bankers say they have ample funds to meet all demands. The run on the Union Savings Bank continues to-day, though with less excitement than yesterday. There was also a run on the Hibernia Bank to-day. Seattle, Wash., June 24.-A special from New Whateom says: Inability to realize on gilt-edge securities forced the Columbia National Bank to close its doors yesterday morning. Their assets are placed at $226,762. with liabilities not exceeding $100,000. Confidence is felt In the other banks and no further trouble Is expected. The Columbia Bank Is capitalized at $100,000. The Controller of the Currency has been advised and will take charge of the affairs of both the Columbia and the First National, which suspended yesterday. The cashier of the falled First National Bank says the assets are $428,000: liabilities, $110,000. San Bernardino. Cal., June 23.-The First National Bank closed its doors yesterday after undergoing a run for the last five days. Washington, June 24.-Controller Eckels this mornIng received a telegram from the San Bernardino Bank asking permission to reopen. He answered that he would consider the request when his examiner made Bank Examiner Lazaer, who is at Los report. Angeles, has been directed to take charge of the San Bernardino Bank. while Mr. Wightman, the examiner "ii San Francisco. will relleve bim at the first named place. Bank Examiner Clarey, of Tacoma, has been directed to go to New-Whatcom. Application has been received by Controller Eckels from all the banks in Spokane requesting him to allow the Washington National Bank of Spokane to reorganize. The Board of Trade of San Diego, Cal., and the president of the dispended First National Bank of that place, have requested that the bank be allowed to resume busttress. The request will be considered when the exuniner's report Is in. Los Angeles, Cal., June 24.-The East Side Bank opened Its doors this morning. This 13 the first of the closed banks to resume. A feeling of confidence has returned. The other banks will open on Monday, except the City Bank, which is in the hands of a recelver.

Article Text

TROUBLE IN THE BUSINESS WORLD

The Plaquemine Shingle and Lumber Company, of New York, has failed for a large amount. The Columbia Launch Company, operating boats to the World's Fair, has gone into the hands of a receiver. Sheridan & Byrne, builders, of No. 49 Cortlandt street, New York, are in a receiver's hands, with $225,000 liabilities. An attachment for $10,216 has been obtained against David Leon, merchant, at Caracas, Venezuela, by Cadenas & Co., of New York. Abraham Steers, lumber merchant and planing mill man, of New York, has asked for and obtained an extension. Liabilities about $380,000. As heavy indorsers for the Crane Lumber Company, Samuel W. Coffin & Sons, owners of the Cincinnati, O., dry docks Company, have assigned. By acknowledging the deed of the Supple estate to Colonel F. G. Hooton, of West Chester, the sheriff put the Colonel in shape to pay all his debts. The Howard bank, of Cartersville, Ga., the largest town between Atlanta and Chattanooga, suspended payment owing to the withdrawal of funds by depositors. The comptroller of the currency was informed of the failure of the First National Bank of San Bernardino, Cal., and of the Columbia National bank, of New Whatcom, Wash. George W. Kyper, proprietor of the St Cloud hotel, at Bellwood, Blair county, has failed. The liabilities will exceed $30,000, and his creditors will, it is believed, receive about fifty cents on the dollar. The Bank of Sumter, at Americus, Ga., declined to receive deposits or pay checks. Its to leged, correspondent refused in extend New York, the usual it is time alloans after promising, it is claimed, to do so. Isaac Weatherby, president of the Saxony Woolen Company, at Trenton, N. J., has applied for the appointment of a receiver, and Watson H. Linburg, of Philadelphia, was named to wind up the affairs of the concern. Philadelphia executions on judgment notes were issued as follows: William Alvin against Elizabeth Naegele, $2,500; Mrs. in against E. Naegele & Co., ate L. Marshall against the Mrs $1,JOU, same, $5,000. Inability to realize on gilt edged securities forced the Columbia National bank, of New Whateom. Wash., to close its doors The assets are $297,000 and the liabilities not over $100,000.

Article Text

Bank Receiver Appointed United States Bank Examiner Charles Clary, who has been examining into the condition of the First National and Columbia National banks of Whatcom, yesterday received a telegram stating that George B. Blanchard, of Tacoma, had been appointed receiver for the banks. Mr. Blanchard is expected to arrive this morning and enter upon his duties. "It is probable," said a stockholder yesterday, "that the First National will resume business within a few days."

Article Text

LOCAL AND PERSONAL T, W. Gillette has returned from a short trip to Seattle. Mrs. F. C. Thomas and daughter are visiting East Sound. L. H. Baldy went over to Olga on the Dispatch yesterday morning. V. S. Pruner, wife and family went over to Friday Harbor yesterday. Forty passengers left on the Dispatch yesterday morning for Orcas island. Mr. and Mrs. T. A. Creighton are spending a few days at East Sound. Superintendent Copeland, of the Great Northern coast lines, came down from New Westminster last night. The Rose berry fete given by the ladies of the Presbyterian church last night was well attended and proved a most enjoyable affair. An excellent musical and literary program was rendered. Geo. B. Blanchard, the newly appointed receiver for the First National and Columbia National banks of Whatcom, arrived from Tacoma last night and is registered at The Fairhaven. A. L. McCoy, of the well-known rail) road contracting firm of McCoy & O' Brien, is in the city. Mr. McCoy recently came down from the Kootenai country, where he has a contract on the Nelson & Fort Sheppard railroad. The "Sideboard," corner of Eleventh and Harris, has just received a large stock of California and imported wines and brandies. Something nice for either table use or sick room. They are also adding draught beer for the summer trade. A young lad named Thornwalt, who lives with his parents in Gise's addition, is accused of entering houses in that locality during the owners' absence and appropriating anything that took his faney, besides turning the household goods topsy turvy. Recently he entered Mr. Austin's house and took, among other things, a razor, which he afterwards returned. It is proposed to have the boy sent to the reform school.

Article Text

BANKS SHORT OF CASH The Siringency on the Pacific Coast Be ing Felt With Full Force. SAN FRANCISCO, Cal., June 26.-The People's Home Savings Bank failed to open its doors yerterday morning. On the door was the following notice: Bank closed temporarily in order to protect depositors and give them time to collect on securities We have sufficient assests. more than our liabilities." Columbus Waterhouse deeded all his property to the People's Home Bank. that they might raise money on it to tide them over the crisis This property is far in excess of all liabilities of the bank. Failure to realize on securities immediately is the cause of the suspension. The directors of the bank have ordered the regular dividend to be paid July 1. The stock dividend will be withheld. SAN BARNARDINO. Cal.. June 24. The First National Bank closed its doors yesterday morning. This notice was posted on the door: "Owing to the stringency of the money market and the unusual withdrawal of deposits during the last five days this bank is forced to close its doors temporarily.' SEATTLE. Wash.. June -The Columbia National Bank of New Whatcom suspended yesterday. NIAGARA FALLS, V. Y., June :4.The Cataract Bank of this city, the largest bank in Niagara county, closed itsdoors yesterday. There is great excitement among business men in consequence. as over $800,000 of their money was on deposit The suspension was totally unexpected and was not preceded by a run on the bank. The bank officers confidently expected to receive help from out of town vister day morning, but the money dil not come. Cashier Rankin says that the assets will be far in excess of the liabilities. The bank people claim to have plenty of securities, but when they tried to get them rediscounted at other banks they were refused. President Porter IS confident the bank will resume and he does not think a receiver will be necessary. WASHINGTON. June ":4.-Comptroller Fekels has been officially informed of the failure of the following national banks: The First National Bank " Kendallville, ind., the First National Bank of Santa Ana. Cal.. the First National Bank of Whateom. Wash He has ordered Bank Examiner Cleary to take charge of the Whateom bank and Bank Examiner Packard to take charge of the Kendallville bank temporarily. CINCINNATI, Ohio. June :4.-Samuel W. Coflin & Son. owners of th Cincin nati Dry Docks Company, assigned yesterday to Val P. Collins and H. D. Peck. Assets and liabilities are esti mated at $50,000 each.

Article Text

Debtors of Suspended Banks Sued

George B. Blanchard, who was appointed receiver of the Columbia National and First National banks of Whatcom by Comptroller Eckels on June 27, began suit in the United States court yesterday against twenty-two debtors of the insolvent institutions for the collection of $18,$11.50 in promissory notes. The debtors of the Columbia National bank are: Michael Anderson, $600; Francis D. and E C. Graves, $400; N. C. Hadley, F. N. Barney and W. L. Miller, $500: Kildall Bros., $78.62; W. L. Miller, $132.21; E. T. Vernon, $150; Samuel Wadell, $1,450; J. F. Wardner, $3,000; Charles D. Winkler and W. H. Eddy, $1,000. Those of the First National bank are: W. 8. Anderson, $472: W. L. Miller, $738; W. L. Ellis, Alex M. Sneath and E. Griffin, $300; D. C. Jenkins, $2,000; J. R. Jenkins, $176; Mamie $9,810. E. Jenkins, $760; W. D. Jenkins,

Article Text

The Whatcom Boodlers

WHATCOM, Sept. 26.-{Special.]-Ex.Clerk and Marshal Meintosh, for whose arrest on charges of embezziement a warrant has been issued, wires his attorneys here from Oakland wharf, California, that he has heard of the complaint and "will take the next train home." He has been visiting friends in Los Angeles. The citizens' bond of $130,000 to replevin the property transferred by ex-Trensurer Isensee to his bondsmen has been completed and a writ issued. At the meeting of the city council last evening the city attorney was directed to prepare an ordinance making general fund warrants legal tender for the payment of city taxes. The council will sit as a board of equalization next Monday evening. F? Christman, the accountant who was employed for several months in making an examination of the books of the varlous city offices, and who has been bitterly assailed by the evening paper, has been appointed city auditor and deputy clerk. The city attorney has been authorized by the council to employ such legal assistance as he may consider necessary to test the legality of the ex-treasurer's claims to certain large commissions and to assist in collecting or endeavoring to collect the large sum of public money for which the ex-treasurer fails to account. The receivers of the Puget Sound Loan, Trust and Banking Company and the Columbia National bank have informed the finance committee of the council that the defaulting treasurer never had any money in those institutions to the credit of thecity of Whatcom. Receiver Richards, of the Puget Sound bank, however, states that the city has credits there as follows: Funding account, city of New Whate om, $7,084.33; Whatcom, $275.37; refunding bonds, series No. 1, $4,000; No.2, $1,000; all held subject to the orders of the council.

Article Text

Courts and Public Offices

George B. Blanchard, receiver of the Columbia National bank, of Whatcom, terday filed in the United States court yes- a suit against Jacob Beck and wife to foreclose a real estate mortgage for $2,000. Judge Langley yesterday approved the first report of C. A. Riddle, the receiver of the Cascade Fire Insurance Company, and directed the advertising for all persons having claims against the company to present them to the receiver at once. THE BLOTTER. SUPERIOR COURT-CRIMINAL DEPARTMENTHUMES, J. State vs. John Murphy, Martin and Thomas Davis-Robbery; defendants plead not guilty. State vs. J. W. Toilman-Robbery; defendant pleads not guilty. State vs. Thomas Williams and Ed guilty. Page-Robbery; defendants plead not State vs. Fred Matakat and Gust Miller-Defendants plead not guilty. State Vs. James Barnes and John LynerDefendants plead not guilty. C. M. Austin V3. A. M. Hamilton et al.-Judgment; signed. Abraham Hockwald vs. Richard JeffsDemurrer to complaint; sustained. Boston National Bank vs. Seattle Terminal Railway & Elevator CompanyMotion for default. J. H. Dennis vs. Terry King et al.-Motion to file answer, C. M. Sheale Va. Rainier Power & Railway Company-Default; granted. City of Seattle vs. J. McDonaid-Motion for new trial; denied. G. W. Fisher et al. vs. A. W. Piper et al.-Defanit; signed. CIVIL DEPARTMENT-OSBORN, 3. W. H. Davis vs. J. H. Kunzie-Detault and judgment in the sum of $65. opened. J. T. Hartley vs. E. Roy et al.-Default; D. S. Coben vs. Samuel Levy-Motion for judgment; granted. Peter Pederson vs. Consolidated Street Railway Company-Motion for new trial; set for March 3. Rowland Hill vs. Seattle Consolidated Street Railway Company-Same action. Cecil C. Evers vs. W.J. Morphy et al.Jury verdict in the sum of $82. EQUITY DEPARTMENT-LANGLEY, J. signed. R. 8. Cox vs. John Collins al.-Default; Puget Sound National Bank vs. Seattle Bazaar, 8. Levy & Co. et al.-Order appointing F. B. Boarman receiver, with bond of $5,000. State ex rel. Eliza Mitchell vs. F. A. Twichell-Demurrer: overruled. William and Theckia Meydenbauer vs. James Leddy et al-Default; denied. Thomas Kautz vs. Walter Buriatt et al. -Motion for default; Taived. Sarah E. Clark vs. S. E. Munson et al.Statement of facts; continued. A. G. McLanahan vs. P. C. Richardson -Motion for default of Baker; granted. George Weibel VA. Cascade Fire Insurance Company-Report of receiver approved; order directing presentation of claims.

Article Text

A Whatcom Bank to Be Reopened. WASHINGTON CITY, March 26.-[Special.] -J. E. Baker, cashier of the Columbia National bank, of Whatcom, which is now in the hands of Receiver George B. Blanchard, made a personal call upon Comptroller Eckels the other day, seeking his consent to the bank's resumption of business. The comptrpller went over the affairs of the bank with Mr. Baker and gave certain conditions which must be complied with before the bank could be allowed to reopen. These conditions, Mr. Baker assured the comptroller, would be readily complied with. The conditions imposed are that the directors shall pay up or secure their full indebtedness to the bank, obtain the necessary extensions from depositors, and raise a sufficient sum of money to make good the impairment of the bank's capital stock. Mr. Eckels thinks likely the bank will have complied with all these conditions and will be permitted to open early in the month of April, Comptroller Eckels has authorized a second dividend of 20 per cent. by the Linn County National bank, at Albany, Or., making in all 55 per cent. of the claims proved. The total money now paid

Article Text

The W hateom Hank Troubles

WHATCOM, May 23-[Special.]-Receiver Blanchard, of the Columbia National bank, returned from Seattle this morning. With reference to comments and reflec tions upon his management of the bank's affairs and the statements made at meetings of depositors, he says he is unable to express himself as freely as he would be glad to do, because of the instructions governing him. He suggests that if the depositors and others interested desire he will name three disinterested gentlemen of high standing in the community, who shall be acceptable to the people interested, to whom, if the comptroller permits, he will make a complete showing of the bank's affairs and let the question of approval or condemnation of his actions as receiver rest with them. The suggestion is regarded as a very fair one, and will likely be acted upon. Concerning the First National bank, of which he is also receiver, he saya there are more than forty depositors who have not yet called for the dividend of 15 per cent. declared March 17.

Article Text

Depositors Want the Receiver Removed WHATCOM, June 15.-[Special.]-A meeting of the Columbia National bank depositors was held last night and the committee of fifteen appointed some time ago to examine into the bank's affairs rendered its report, which was adopted and ordered forwarded to the comptroller of the currency with a request for the removal of Receiver Blanchard and the appointment in his stead of an "impartial and competent business man." This request will be accompanied by various charges against the receiver, alleging, among other things, that he hasinterfered in an unwarranted manner to prevent the reopening of the bank, even after the conditions imposed by the comptroller had been complied with; that he has failed to take securities that he might have obtained to protect the interests of the bank: that he has released securities for a considerable sum held by the bank at the time it closed, and neglected to perfect judgment liens on property until it was placed beyond the reach of execution. The chairman of the committee which makes the report and prefers the charges is one of the leading lawyers of the city, and nearly all the other members of the committee are prominent business or professional men. It was stated at the meeting that the receiver had collected only $5,000 or $6,000 out of $100,000 of assets, and that the expenses of the receivership have been from $225 to $250 a month. A committee on finance, composed of C. I. Roth, J. Marcuse and R. S. Simpson, was appointed, and the meeting adjourned subject to call of the chairman, J. W. Rayburn, city attorney.

Article Text

SUITS BY THE WHOLESALE

Receiver Blanchard Wants $50,000 for Columbia National Bank, Whatcom. George B. Blanchard, receiver of the Columbia National bank, of Whatcom, commenced suit by the wholesale yesterday in the United States court against creditors of the bank and stockholders who had failed to meet their assessments. Among the latter who are made defendants are Martin J. Maloney, the Democratic warhorse of Whatcom county; Carmi Dibble, the capitalist; John R. McKinley, formerly cashier of the bank, who was at one time well known in fuancial circles; H. E. Holmes, and many others. In all twenty-eight suits were filed, naming as many different defendants, and the total judgments prayed for aggregate nearly $50,000. The suits, amounts and defendants are as follows: Charles W. Glover, promissory note, $425; Samuel F. Darwin at ux., note, $115; C.C. Fisher, assessment on bank stock, $360: James P. DeMattos, assessment on bank stock, $5,000; M. J. Maloney, assessment on bank stock, $180; J. A. Cook, promissory note, $325; Charles M. Atkins, assessment on bank stock, $15,000; Milton A. Staight, assessment on bank stock, $1,000; Morris MoCarty, assessment on bank stock, $180: A. Clark, promissory note, $190; R. W. Clark, promissory note, $2,850; Maria T. Atkins, assessment on bank stock, $6,000; Albert 8. Cole, assessment on bank stock, $1,000; John R. McKinley, assessment on bank stock, $1,000; Will D. Jenkins, assessment on bank stock, $1,000; H. E. Holmes, assessment on bank stock, $5,000; Herbert E. Fisher, assessment on bank stock, $360; Frank N. Barney, promissory note, $196.91; E. F. G. Carlyon, promissory note, $1,590; H. E. Waity, assessment on bank stock, $2,160; E. H. Canfield, executrix, assessment on bank stock, $1,000; Martha R Fisher, assessment on bank stock, $180; D. M. Clark, assessment on bank stock, $180; Frederick A. Lund, promissory note, $118.50: Francis D. Graves, promissory note, $41.50; Hugh Eldridge, assessment on bank stock, $900; Carmi Dibble, assessment on bank stock, $720; T.J. Massey et ez., promissory note, $1,590.