Article Text
TWO BANKS FAIL. Cheney, Wn., June 15.-The First National Bank and the Bank of Cheney suspended payment today and did not open for business. Hard collections and inability to place securities are the principal causes of the failures.
First National Bank (Cheney, WA)
Episode Information
- Episode Type
- Suspension → Closure
- Start Date
- June 15, 1896
- Location
- Cheney, Washington (47.487, -117.576)
- Bank Type
- national
- Charter Number
- 4542
Metadata
Receivership Details
- Depositor recovery rate
- 58.0%
- Date receivership started
- 1896-06-27
- Date receivership terminated
- 1899-09-21
- OCC cause of failure
- Losses
- Share of assets assessed as good
- 21.1%
- Share of assets assessed as doubtful
- 75.6%
- Share of assets assessed as worthless
- 3.3%
Notes
Known receivership date (1896-06-27) places suspension leading to closure/receivership.
Events (4)
1.
April 1, 1891
Chartered
- Source
- historical_nic
2.
June 15, 1896
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Hard collections and inability to place securities (liquidity/asset problems).
- Newspaper Excerpt
- The First National Bank ... suspended payment today and did not open for business. Hard collections and inability to place securities are the principal causes of the failures.
- Source
- newspapers
3.
June 27, 1896
Receivership
- Newspaper Excerpt
- D. F. Percival, receiver of the First National bank of Cheney, has commenced suit ... (article referencing the receiver).
- Source
- newspapers
4.
June 27, 1896
Receivership
- Source
- historical_nic
Newspaper Articles (13)
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Article Text
Two Banks at Cheney Fail. Cheney, Wash., June 15.-The First National bank and the Bank of Cheney have suspended payment, and today did not open their doors. The directors of the First National bank held a meeting last evening and concluded to take this step. Hard collection and inability to place securities are the principal reasons of the suspension. The First National deposits are small and will probably be paid in full. The affairs of the Bank of Cheney are a matter of speculation, as President Percival is absent and nothing definite can be ascertained. D. F. Percival is president of both banks.
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NUGGETS OF NEWS. The First National Bank and the Bank of Cheney of Cheney, Wash.. have suspended payment. The Beltimore News, an influential Democratic newspaper, practically gives notice in an editorial today of its intention to support the Republican ticket in case the St. Louis convention declares for the gold standard. H. J. Smith, the general superintendent of the Edison General Electric & Illuminating Company of New York, died at his home in Washingtonville, this morning, as A result of injuries rereived Sunday morning. With the view of preventing a duel between Marshal Martinez de Campos and General Borrero the Spanish government has decided to employ the former in active arvice. The Marshal, however. declare, that he will not accept a command except in Cubs. Judge Carpenter of the Circuit Court of Detroit, Mich., today refused to grant :An injunction to restrain the Improved Order of Knights of Pythias from using that designation, as the name of their order. He held that it is not sufficiently similar to that of the Supreme Lodge, Knights of Pythias to mislead any person. Thomas H. Boardman, the special partner of the shoe firm of Adams & Pettengill, who recently failed at Amesbury, Mass., with liabilities of $130.000 has withdrawn his appeal to the Massachusetts Supreme Court and will go into insolvency with the firm. Mr. Boardman was adjudged equally liable with the other meinhers of the firm by the lower court. Negotiations are pending for financial assistance by which, it is claimed by the members of the firm, all creditors will be paid in full and business resumen there very soon. Daniel Burns, an old soldier, fell on the sidewalk, corner of Broad and Winter street at 9:30 this morning and was assisted by a stranger, who took him to the office of the overseer of the poor, wio un sted the man to Dr. Palmer's office. The doctor not being in, the Door dd fellow was taken from one dector's office to another until 12:30, when the good samaratan and his charge found Dr. Ray at his office, 246 Broad street. The doctor, finding the man suffering, did what he could for him, and sent Dim to toe Rhode Island Hospital, where the old velefan was taken in the am vulance.
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More Prosperity in Washington. Cheney, Wn., June 16.-The First National bank and the Bank of Cheney have suspended payment. Hard collections and inability to place securities are the principal reasons for the suspension. The First National deposits are small and will probably be paid in full. The affairs of the Bank of Cheney are a matter of speculation, as President Percival is absent and nothing definite can be ascertained.
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Manks Suspend. CHENEY, Washn., June 16,-The First National Bank and the Bank of Cheney have suspended payment. Hard collections and inability to place securities are the principal reasons of suspension. The First National deposits are small and will probably be paid to full. The affairs of the Bank of Cheney are a matter of speculation, 88 Presi. dent Percival is absent and nothing definite can be ascertained.
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NEWS OF THE STATE. A pauper by the name of Johnson is at the pest-house in Seattle, suffering from a genuine case of leprosy. Miss Bertha Mossman was elected clerk of the Chehalis school distrect last week by a large majority. The First National bank, at Cheney, and the Bank of Cheney suspended on Monday. Cause, hard collections and inability to place securities. Next week will be commencement week at the Washington Agricultural College and School of Science, at Pullman, the graduating exercises of the preparatory class occurring on Thursday. The state convention of the Prohibition party was held in Seattle, last Saturday. Eighty delegates were in attendance, and a full ticket nominated, with Rev. R. E. Dunlap, of Seattle, as the candidate for governor. Austin E. Griffiths, of Montesano, is the nominee for attorneygeneral. The resolutions favor prohibition, woman suffrage, and the initiative and referendum. The supreme court on Monday filed an opinion in the Stevens county case, deciding in favor of the constitutionality of section 3006 of Hill's code, enacted March 28, 1890, authorizing county treasurers to set aside all moneys received in the treasury in the way of fees for the creation of a salary fund for the payment of county officers. The law further provides that should the sum so received be insufficient
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DID NOT OPEN FOR BUSINESS Both Banks at Cheney Have Closed Their Doors. Cheney, Wash., June 15.-The two banks here have suspended payment and did not open up for business this morning. The directors of the First National bank held a meeting last evening and concluded to take this step. Hard collections and inability to place securities are the principal reasons. The First National deposits are small and will be paid in full. merely a matter of speculation, as the a merely matter of speculation, as the president is absent in Portland and nothing definite can be ascertained. His return is expected today or tomorrow.
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DID NOT OPEN FOR BUSINESS Both Banks at Cheney Have Closed Their Doors. Cheney, Wash., June 15.-The two banks here have suspended payment and did not open up for business this morning. The directors of the First National bank held a meeting last evening and concluded to take this step. Hard collections and inability to place securities are the principal reasons. The First National deposits are small and will be paid in full. merely a matter of speculation, as the a merely matter of speculation, as the president is absent in Portland and nothing definite can be ascertained. His return is expected today or tomorrow.
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CASHORTHORSESOON CURRIED." The States furnish many articles similar to the following: "Cheney, Wash-The first national bank and the bank of Cheney have suspended payment." How many notices of bank failures do you see in this free silver republic? [Chihuahua Enterprise. How many banks are there in the republic? Very few. So few that a single failure would present an apalling per centage.
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THE States furnish many articles similar to the following: "Cheney, Wash-The first national bank and the bank of Cheney have suspended payment." How many notices of bank failures do you see in this free silver republic?-Chihuabua Enternrise
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Duit on Cheney Bank Stock. Special Dispatch to the Post-Intelligencer. CHENEY, Wash, April 27.-D. F. Per. cival, receiver of the First National bank of Cheney, has commenced suit against D. F. McAloon and F. M. Quinlan for the recovery of 23 per cent. of the value of shares of stock held by them when the bank suspended. This suft is to be of test for several similar cases.
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NORTHWEST NEWS. The Tacoma and Everett smelters are trying to secure the contracts for smelting the ore of the Le Roi mine. C. J. Bidwell will build the Blaine-Ferndale road, the contract having been recently awarded to him. He will receive $12,684 for his work. The Northern Pacific has declaed not to put the Sunday train on the Moscow branch. This cuts Moscow off without a day train on either road on Sunday. It was because he experienced a slight difficulty with the machinery that Harry Kinsman, an employe of the Wellington Farm Creamery, near New Westminster, blew out his brains last Friday. Fish Commissioner Crawford is in Whatcom. He has just come from Baker lake, where he has been attending to the turning loose of his numerous family of 6,000,000 young salmon in the Skagit river. Detective McPhee, of Spokane, who was recently shot by a thief, will have an X-ray turned on him in the hope of locating the bullet, which is buried in the skull. Specialists will have charge of the work. A letter has been received from the comptroller of the currency refusing to make a change in the receiver of the First National bank of Cheney. The depositors petitioned for a new receiver some time ago. The May term of federal court began at Walla Walla Tuesday and among the federal officials in attendance are Judge Hanford, R. M. Hopkins, United States Marshal Drake and United States District Attorney Brinker. When Pat Hamilton and Edward Kennedy were arrested at Walla Walla last Monday evening for burglary, Hamilton said to the chief of police: "You let me break away, and I will permit you to kill me." The chief declined the offer. A cow belonging to William Smidtlapp, of Whatcom, caught little Bobby Kratzig, 3 years old, on her horns and tossed him up over her head last Sunday. He lit on her back and slid off. Torn clothes and a few bruises were all the injuries sustained. The cow had a small calf with her and objected to the boy coming too close. Renewed efforts are being made to secure the pardon of Clayton Bump, the Spokane boy serving a ten-year sentence in San Quentin for being implicated in the robbery of a depot agent in Southern California. Gov. Budd has heretofore refused to listen to Bump's petitions for pardon, although they have been signed by many influential, people of the Pacific Coast.
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CHENEY BANK DIVIDEND. First National Soon to Make a Payment of 30 Per Cent. Special Dispatch to the Post-Iptelligencer. CHENEY, May 28.-D. F. Percival. receiver of the First National bank of Cheney announces that the bank will pay a dividend of 30 per cent. as soon as the proper schedules can be made out and sent to the comptroller of the currency at Washington for his approval. The bank closed its doors about a year ago and this will be the first money paid to the depositors. The depositors think another dividend will be declared soon.