Bank suspended after a run and was placed in receivership; later court disputes over the receivership suggest it did not resume normal operation.
Events (3)
1.June 6, 1893Run
Cause
Local Banks
Cause Details
A local banking panic/contagion in Spokane led depositors to withdraw, affecting multiple banks.
Measures
None reported beyond attempts to obtain funds; heavy withdrawals occurred.
Newspaper Excerpt
They were crippled by a quiet run yesterday.
Source
newspapers
same day
2.June 6, 1893Suspension
Cause
Local Banks
Cause Details
Closure/suspension was a direct result of the run and inability to obtain cash in time.
Newspaper Excerpt
The Washington National Bank and its adjunct, the Washington Savings Bank, closed their doors this morning.
Source
newspapers
+9 days
3.June 15, 1893Receivership
Newspaper Excerpt
The receiver for the Washington Savings bank, recently suspended, has completed a statement of the bank's affairs, showing total assets of $206,000; liabilities, $136,000.
Source
newspapers
Newspaper Articles (20)
1.June 7, 1893Daily Kennebec JournalAugusta, ME
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SPOKANE BANKS Standing a Heavy Run with Good CourageTwo Banks Fail. SPOKANE, Wash,June 6.-The Washington National Bank and its adjunct, the Washington Savings Bank closed their doors this morning. Other banks are being subjected to a severe run, but seem to be standing the strain well.
2.June 7, 1893The Anaconda StandardAnaconda, MT
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Spokane Banks Close
SPOKANE. Wash.. June 6.--The Washington National bank and its adjunct. the Washington Savings bank. closed their doors this morning. They were crippled by a quiet run yesterday. Both show strong assets in excess of liabilities, but could not get money in time for the sudden whirl. Other banks were subjected to a severe run. At 2 o'elock this afternoon. the Citizens' National bank closed its doors. It is reported here. on apparently reliable authority. that the Palouse City bank of Palouse. has also suspended.
3.June 7, 1893The Morning NewsSavannah, GA
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Two Banks Closed at Spokane
Spokane, Wash., June 6.-The Washington National Bank and its adjunct, the Washington Savings Bank, closed their doors this morning. They were crippled by runs yesterday. Both show strong assets, much in excess of the liabilities, but could not £e; money in time for the sudden whirl. Other banks are being subjected to a severe run, but seem to be standing the strain well.
SPOKANE, Wash., June .-The Washington National Bank and its adjunct, the Wash'ngton Savings Bank, have closed their doors. They were crippled by the quiet run of Monday. Both show strong assets, much in increase of the liabilities but could not get money in time for the sudden whirl. The other banks are being subjected to a severe run but seem to be standing the strain well.
5.June 7, 1893Richmond DispatchRichmond, VA
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Article Text
Spokane Banks Closed
(By telegraph to the Dispatch.] SPOKANE. WASH., June 6. - The Washington National Bank and its adjunct. the Washington Savings Bank, closed their doors this morning. They were crippled by runs yesterday. Both show strong assets, much in excess of liabilities. but they could not get money in time for the sudden whirl. The other banks are being subjected to a severe run, but seem to be standing the strain well.
6.June 7, 1893The Evening HeraldShenandoah, PA
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Two Spokane Banks Closed
SPOKANE, Wash., June 7.-The - Washington National Bank and its adjunct, the Wash'ngton Savings Bank, have closed their doors. They were crippled by the quiet run of Monday. Both SDOW strong assets, much in increase of the liabilities but could not get money in time for the sudden whirl. The other banks are being subjected to a severe run but seem to be standing the strain well.
7.June 8, 1893Santa Fe Daily New MexicanSanta Fe., Santa Fe, NM
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Article Text
CONDENSED NEWS
Edwin Booth is dead. The Bedford, Ind., bank has suspended. The net gold reserve in the U. S. treasury is $90,000,000. The whisky trust has filed an $8,000,000 mortgage at St. Louis. After a running fight the Bentonville, Ark., bank robbers escaped with their booty, $10,000. St. Louis banks have attached the Wichita packing plant of Francis Whittaker for $125,000. Members of the Western Passenger association are still in a row at Chicago over World's fair rates. Potter & Potter, Boston. publishers of the New England Magazine, the Yankee Blade, the Woman's Home Journal, the American Vehicle and the Amesbury Daily, have assigned. An alstract of the condition of the national banks in Chicago on the date of the last call, showed a reserve of twentynine and forty-five hundredth per cent, or 4.45 per cent above the reserve required by law. Total resources are stated at $160,864,804. Surplus fund WAS $11,516,700 and undivided profits $2,566,000. At Spokane, the Washington National bank and its adjunct, the Washington Savings bank, closed their doors. They were crippled by the quiet run yesterday. Both show strong assets in excess of liabilities but could not get money in time for the sudden whirl. The other banks are being subjected to a severe run, but seem to be standing the strain well.
SPOKANE, Wash., June 6.-The Wash+ ington National bank and its adjunct the Washington Savings bank closed their doors this morning. The other banks are being subjected to a severe run but seem to be standing the strain well.
9.June 15, 1893Deseret Evening NewsSalt Lake City, UT
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Article Text
A Bank Statement
SPOKANE, Wash., June 15.-The receiver for the Washington Savings bank, recently suspended, has completed a statement of the bank's affairs, showing total assets of $206,000; liabliIties, $136,000.
10.June 15, 1893The Seattle Post-IntelligencerSeattle, WA
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Article Text
In Good Condition to Resume Business. SPOKANE, June 14.-Receiver Augustine, of the Washington Savings bank, has completed a condensed statement that shows a gratifying state of affairs. The statement shows: Total assets, $205,690. Liabilities, aside from the capital stock and undivided profits, $136,463. This leaves a balance of $69,222 If 70 per cent. of the assets is realized it will more than satisfy all the demands against the bank. The receiver will leave to the stockholders the question of resuming business.
11.June 15, 1893Courier DemocratLangdon, ND
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PANICKY FEELING GONE
Spokane, Wash., June S.-Quite a little run was kept up all day yesterday on local banks. The Traders' bank paid $150,000. The Citizens' National bank closed its doors at 2 o'clock. The panicky feeling is nearly over now. Two hundred and forty thousand dollars in gold reached the city last night from New York and Portland. One hundred thousand of this amount is for the Washington Savings bank, vhich went down yesterday with the Washington National bank. It is believed the savings bank will open to-day
12.June 16, 1893The Yellowstone JournalMiles City, MT
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Article Text
Will Pay Every Dollar
SPOKANE. Wash. June 15. The receiver of the Washington Savings Bank, recently suspended. has completed his statement of the bank's affairs. showing total assets of 8206.000 and liabilities of 8136.000.
13.June 16, 1893The Helena IndependentHelena, MT
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Article Text
THE receiver's statement of the Washington Savings bank, of Spokane. shows assets of $206,000 and liabilities of $136, 000, which combine to show the foolishness of Spokane depositors in closing this sound institution.
14.June 16, 1893The Salt Lake HeraldSalt Lake City, UT
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A Good Showing
SPOKANE, Wash., June 15.-The receiver of the Washington Savings bank, recently suspended, has completed a statement of the bank's affairs, showing total assets of $206,000; liabilities, $136,000.
15.June 25, 1893The Seattle Post-IntelligencerSeattle, WA
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Fight Over Bank Receivership
SPOKANE, June 24-A lively fight is on for the receivership of the Washington Savings bank. One of the judges of the superior court first appointed H. W. Augustine as receiver, and a few days later Judge Acher appointed W. B. Roberts and removed Augustine. The appointment of Roberts gave offense to many stockholders and depositors, and thus sustained, Mr. Augustine refused to give up possession. Tonight the sheriff is in possession of the bank.
16.July 22, 1893The Washburn LeaderWashburn, ND
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PANICKY FEELING GONE
Spokane, Wash., June 8.-Quite a little run was kept up all day yesterday on local banks. The Traders' bank paid $150,000. The Citizens' National bank closed its doors at 2 o'clock. The panicky feeling is nearly over now. Two hundred and forty thousand dollars in gold reached the city last night from New York and Portland. One hundred thousand of this amount is for the Washington Savings bank, -vhich went down yesterday with the Washington National bank. It is believed the savings bank will open to-day
17.March 17, 1895The Seattle Post-IntelligencerSeattle, WA
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Judge J
Z. Moore of the superior court at Spokane has summartly removed W. B. Roberts as receiver of the Washington Savings bank. and appointed In his place on petition of seventy-five or eighty creditors Henry M. Richards of the Spokane & Eastern Trust Company. In his decision Judge Moore roasted George Turner. the receiver's attorney, and the affair caused a sensation. as it is well known that Moore and Turner are bitter personal enemies,
18.April 9, 1895The Seattle Post-IntelligencerSeattle, WA
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Supreme Court Decisions
Olympia, April 8.-Special.-Decisions in the supreme court today as follows: G. Brodek and John Schlessinger, respondents, vs. W. C. Stetson, appellant, King county; reversed. Charles Hill, respondent, vs. W. E. Frink, respondent, W. F. Gehras, et al., respondents, D. C. Hayes et al., appellants, Lincoln county; affirmed. Judgment has been rendered in the case of W. B. Roberts, receiver of Washington Savings Bank of Spokane, respondents, VS. Washington National Bank, appellant, from Spokane county.
19.April 13, 1895Elmore BulletinRocky Bar, Mountain Home, ID
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SUPREME COURT OF WASHINGTON Opinions in an Important Spokane Case Formally Announced. Olympia, April &-The supreme court has reversed judgment in the case of W. B. Roberts, receiver of the Washington Savings bank of Spokane, respondent, VS. the Washington National bank, appellant; from Spokane county. Other supreme court decisions were: G. Bredek and John Schlessinger, respondents, vs. W. C. Stetson, appellant, from King county; reversed. Charles Hill, respondent, vs. W. E. Frink, respondent, W. F. Gehres, et al., respondents, D. C. Hayes et al., appellants; from Lincoln. Affirmed.
20.April 13, 1895Pullman HeraldPullman, WA
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lowing decisions have been handed down by the supreme court: G. Brodeck and John Schlessinger, respondents, vs. W. C. Stetson, appellant, from King county; reversed. Charles Hill, respondent., vs. W. E. Frink, appellant, and W. F. Gehres et al., respondents, vs. D. C. Hayes et al., appellants, from Lincoln; affirmed. W. B. Roberts, receiver of the Washington Savings bank, of Spokane, respondent, VS. Washington National bank, from Spokane; reversed.
Bank runs are almost always and everywhere a deterioration of bank fundamentals.
But not for you.
You are the measure-zero exception: great fundamentals, solid bank, and yet the Diamond Dybvig fairy spread its rumor. Depositors woke up. Your collateral was not prepositioned. The Clearinghouse had it for you.
Do not pass Go. Do not collect $200. Go directly to jail… or worse.
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Washington Savings Bank · Episode ID 5140923991122