gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
1a67f376fecef601
Response Measures
None
Description
Failure followed a run prompted by the Tacoma Scandinavian-American bank; ultimate liquidation/receiver payments followed suspension.
Events (3)
1.June 30, 1921Run
Cause
Local Banks
Cause Details
Withdrawals began and accelerated after the failure of the Tacoma Scandinavian American Bank, which had been founded as a branch.
Measures
Directors met and later turned affairs over to the state supervisor of banking; bank examiners worked on-site
Newspaper Excerpt
A run on this bank had been in progress ever since the failure of the Tacoma Scandinavian American Bank
Source
newspapers
2.July 1, 1921Receivership
Newspaper Excerpt
John P. Duke, state supervisor of banking, took charge of the institution this morning.
Source
newspapers
3.July 1, 1921Suspension
Cause
Local Banks
Cause Details
Directors suspended the bank after heavy withdrawals triggered by the Tacoma bank failure and shrinkage of values.
Newspaper Excerpt
The Scandinavian American bank ... was closed today following the action of the board of directors shortly after midnight this morning in turning over the bank's affairs to the state supervisor of banking.
Source
newspapers
Newspaper Articles (20)
1.July 1, 1921The Seattle StarSeattle, WA
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BANK'S DOORS CLOSED Scandinavian Not Able to Meet Its Obligations and Suspends While scores of tragedy-strick en men and stood thetically apa the Scandinavian officials of the bank can outside bank, in the warm Ameri drizzle state examiner's board investigation of the defence tion the their - Friday institu began into How much can be salvaged the wreck will not be known from eral weeks, altho well-informed ers believe that the losses to positors will be comparatively small de. CLOSER AFTER BANKERS TRY VAINLY TO SAVE IT The Scandinavian American when a conference to all parts of the ers its find doors from state of closed failed bank. a means to save the 8. Stacy, who took of the bank a management when Ralph year over bank. ago. the it was on the financial over the records and the Institution to the papers of visor turned state shoals, super. of banks Friday desperate fight to on its feet had left the and bank Stacy's morning. him keep white drawn. He had been three nights. means sleep for trying without to find to prevent a crash. According to bankers . circles here, It in least financial three will high be weeks before It will at possible for any depositor to with. be money from the STATE draw bank. GUARANTEE FUND WILL BE DRAINED clation The Seattle Clearing House on has agreed to advance Asso claims. and money $500,000 depositori in the State the entire Guaranty to Fund will be called Depositors' pay the debts of the upon Scandinavian cording The help American. bank. pervisor to John P. Duke, state ac. amount of banking. owns a su. will of valuable property. large into cash. this take considerable time to but turn Possibility that all member. the State to Fund may be banks Guaranty of Depositors' assessed pay the Joses of the American bank. dollar "I were Indicated dollar, navian have by Scandi. Duke. for not been able to yet the whether the banks are determine to the full amount of the loss liable for extent of the or just the fund-$500,000. Duke money in has never point, been according to officials. navian total deposits of the 251. American bank were $11,828. Scandi. This The Stacy raised. declared new and his associates in exonerated management were the from blame completely great deal of made them." "A Duke asserted. credit by "They Duke. is due interests a tireless fight to protect have the the bank of the depositors and to tide over its difficulties." TACOMA BANK'S FAILURE Duke HASTENED whinkage attributed the failure CRASH and of values after to the ian to the failure of the the war bank of one time the two vorced closely connected. were At American at the Tacoma. institutions Scandinav Tho di. Tacoma time, in extent attle $3,000,000 institution. bank reflected to collapse the upon the of the Se. was Hart arrived in Duke for Banking and Supervisor Governor closeted withdrawals. with Seattle of in Friday. the interests It is thought of the nearly that State he an here hour ors' Guaranty number of persons feeted A larger Fund. Deposit navian by the failure of the af. any ScandiScandinavian other than Seattle by has the bank. collapse of ings over The dollars accounts. to the ranging from a sav. few Dreary, thousands hopeless faces in evidence were bank much outside 21,000 the Friday. Laborers, women, fishermen and scrub. farmers cazed at small doors ed of the institution the and closed standers. worried questions of the ask. by. "Would (Turn the bank pay any. to Page 9, Column 2)
2.July 1, 1921Capital JournalSalem, OR
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Big Seattle Bank Closes Door Today AmerScandinavian ican Turns Affairs Over to State Supervisor of Banking Seattle, Wash., July 1.-The Scandinavian American bank, of Seattle, with a capital and surplus of one million two hundred fifty six thousand eight hundred thirty eight dollars, and deposits totalling over eleven million eight hundred thousand dollars, was closed today following the action of the board of directors shortly after midnight this morning in turning over the bank's affairs to the state supervisor of banking. The bank was a member of the federal reserve system, the Seattle Clearing House association, and the Washington State Bank Depositors' Guaranty fund. Shrink age of values during the last year and a half and recent abnormal deposit decreases were given by John P. Duke, state supervisor of banking, as reasons for the suspension. Failure of the ScandinavianAmerican bank of Tacoma, Wn., some months ago, was believed to have been responsible to a large extent for the withdrawal of deposits. The institutions were not connected when the Tacoma bank failed, but at one time had been closely allied. Following the action of the directors in suspending, Supervisor Duke issued a statement in which he absolved the present management and said "credit is due for its earnest and untiring efforts to protect the interests of the depositors and carry the bank over its troubles."
3.July 1, 1921The Seattle StarSeattle, WA
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WITH CROWDS BEFORE THE SCANDINAVIAN "Oh, this bank'll be open next Two policemen and half a dozweek. We'll all get our money, all en plain clothes men found it dif. right," an optimist grinned. ficult to keep the sidewalk clear and the crowd moving at the At 11:30 a sign was pasted on the Scandinavian American bank door. saying the Swedish vice conjust before the noon hour. sulate had moved to room 618, Al aska building A crew of bank ex"I have $325 in the bank and a aminers and assistants could be seen Liberty bond." said one depositor. inside. That's a pretty heavy loss for a workingman." When the bank closed many police "Yes," said another, "It seems officers were caught. With the anearned funny with all these signs on nouncement of the closing. Captain the windows, 'deposits guaranteed, E. C. Collier of headquarters, treasthat the bank had to close." urer of the Ballard Aerie No. 172. Fraternal Order' of Eagles, reported A soberly dressed woman, well the entire funds of the Ballard past middle age, approached the Eagles, amounting to over $3,100. door of the bank and bent close had been deposited in the Ballard to read the sign. "Bank closed." branch of the bank. A policeman told her to move Captain of Detectives Charles Tenon. "Well, I don't what else I nant had a small checking account could do," she said. "All my with the bank. One official. who remoney is in there." fused to be quoted, stated that he had a $6,000 account in the bank, Men were lined up on the curb which he drew out early Thursday three-deep: some were optimistic. morning, after he had received a "We'll get our money back in time "tip" that the bank would suspend all right," said one. "It says on the Thursday night. window that the bank is a member Lieut. J. c. Wickman is said to of the federal reserve." have nearly $1,300 on deposit there. Many police officers and patrolmen, "Well, I haven't got much who were hard hit. offered to sell money in the bank," said antheir holdings for 50 centa on the other. "I guess I'm lucky. I dollar. spend most of my money."
4.July 2, 1921The McCarthy Weekly NewsMcCarthy, AK
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Article Text
TELEGRAPHIC SEATTLE BANK CLOSES ITS DOORS Seattle July 1st. The Scandinavian American Bank suspended payment this morning owing depositors about eleven million dollars. The action was decided upon at a meeting of directors. A run on this bank had been in progress ever since the failure of the Tacoma Scandinavian American Bank, which it had originally founded as a branch. John H. Duke, supervisor of state banking, took charge of the institution this morning. It IS the opinion 01 conservative Dankers that the closed concern will 111 time pay nearly 111 full.
5.July 2, 1921The Kusko TimesTakotna, Tokotna, McGrath, AK
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Article Text
Seattle, July 1.-The Scandinavian American Bank of this city suspended this morning, owing depositors about eleven million dollars. The closing of the bank followed a meeting of the directors this morning, at which the decisive action was taken. A run has been in progress on the Seattle bank since the fail ure of the Tacoma ScandmavianAmerican Bank, which it originally founded as a branch. John H. Duke, supervisor of State banking, took charge of the institution this morning.. It is the opinion of conservative bankers that the closed con-
6.July 2, 1921Great Falls TribuneGreat Falls, MT
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SEATTLE BANK IS CLOSED BY STATE OFFICER Scandinavian-American, With Capital and Surplus of Million and Quarter and Deposits Totaling Nearly Twelve Million, Suspends When Directors Turn Institution Over. Seattle, July 1.-The Scandinavian-American bank of Seattle with a capital and surplus of $1,256,638 and deposits totalling over $11,800,000 was closed Friday following the action of the board of directors shortly after midnight Friday morning in turning over the bank's affairs to the state supervisor of banking.
7.July 2, 1921The Nenana NewsNenana, AK
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TOM M'KINNON RETURNS TO LOOK AFTER INTERESTS All that has been said about bad conditions in the States is true, according to Tom McKinnon, prominent Interior mining man, who has just returned from a several months stay in California and other Pacific coast States. Mr. McKinnon says he doesn't know all that has been said by returning Alaskans, but he is sure they have not exaggerated. In fact, he says, it would be difficult to paint conditions blacker than they really are. Los Angeles appeared to be the least unsettled city visited by him, and he attributes that fortunate condition of affairs to the fact that Los Angeles is supported largely by wealthy visitors from the East and other sections of the country. He found San Francisco rather unsettled and Scattle very much so, and he was told by men who should know, that there is no hope of immediate improvement. Things may get back to normal in a year, but it is the opinion of many that it will take longer than a year. When informed yesterday of the failure of the Seattle Scandinavian American Bank, Mr. McKinnon did not evidence surprise. He explained that he had heard rumors, before he started North, to the effect that the bank was having difficulty in weathering the financial storm but he did not know how serious was the situation. He heard it reported that bank had considerable money the and had tied up in the fisheries found it impossible to turn the securities into cash. Mr. McKinnon did not have any money on deposit in the bank at the time of the failure, having had occasion to use the cash some time previous to the crash. Conditions are such, Mr. McKinnon says, that other failures probably will occur. The failure of the Tacoma Scandinavian American institution earlier in the year, caused heavy withdrawals of deposits from the Seattle bank of the same name, notwithstanding the fact that it was claimed at the time that the two banks had no connection. And it is reasonable to believe the collapse of the big Seattle bank with be followed by heavy runs on the other banks of the Spirit City. It is a well known fact, however, that the bankers of the country have anticipated the present financial situation, by calling in loans and refusing to extend credits except on the very best of securities, and most of them are in sound condition now in consequence. Mr. McKinnon came down from Fairbanks yesterday and will return to the upper town this afternoon. He will be back later, on his way to the Tolovana district, where he has numerous interests, and it is possible that he will make a trip into the Kuskokwim before he returns to the States. Mrs. McKinnon is spending the summer at Long Beach, Cal, and will not come North this year.
8.July 5, 1921The Daily AlaskanSkagway, AK
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SEATTLE BANK CLOSES DOORS Seattle, July .-The financial world was shocked early this morning by the news which swept over the city that the Seandinavian-American Bank had suspended It was known that a quiet run has been in progress on the Bank ever since the collapse of the Tacoma Scandinavian American Bank. The Tacoma Bank was originally founded by the Seattle Scandinavian American Bank, as a branch bank. John H. Duke, supervisor of State banking took charge of the Seattle institution this morning. The bank owes about eleven million dollars to its depositors, and it is the opinion of conservative bankers of the city that the concern will in time pay up nearly in full. The ScandinavianeAmerican Bank has been looked upon for many years as one of the strongest financial concerns on the Pacific coast, and its depositors are distributed all along the coast as far north as Nome and Teller. as it did an immense business with Alaska. Seattle, July 1.-It has been announced that Jafet Lindeberg, the Nome millionaire miner and banker, held a controlling interest in the Scandinavian American Bank at one time. The bank had at the time it suspended five thousand commercial accounts and over twenty one savings banks accounts. It is known that many Alaskans are in the crash. Seattle, July 1.-Mrs. Charles E. Taylor, formerly of Iditarod, Alaska and a sister of Judge James Wickersham died here today. Mrs. Taylor has been living in Seattle for some time and has been under treatment for an extended period. She died at the family residence. Seattle, July 1.-J. E. Chilberg who formerly was head of the Scandinavian American Bank, and whose booze operations during the war period contributed much to the crash arrived at Tacoma today from New York. Chilberg is under indictment for his connection with the defunct Tacoma Scandinavian American Bank, and will be placed on trial as soon as court convenes.
9.July 9, 1921The Nome NuggetNome, AK
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TUESDAY (TELEGRAPHIC) BELIEVED SCANDINAVIAN AMERICAN BANK WILL PAY NEARLY FULL Seattle, July 5--It is the opinion of conservative bankers that the closed Scandinavian-American bank of Seattle will in time pay up nearly in full. The bank suspended owing depositors about eleven million dollars. The action was decided upon at a meeting of the directors. A run had been in progress on the bank since the failure of the Scandinavian--American Bank of Tacoma, which it originally founded as a branch. John H. Duke. Supervisor of State Banking is in charge of the institution.
10.December 24, 1921The Seattle StarSeattle, WA
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DEPOSITORS SUE DEFUNCT BANK That Last-Day Demand Credits Be Returned All last-day deposits in the Scandinavian American bank, whose doors were closed by the supervisor of banking on June 30, will be refunded, If an action Instituted in superior court Friday afternoon Is successful. The action is directed against the bank and against John P. Duke, state banking supervisor, by the Washington Shoe Manufacturing Co., acting for itself and also in behalf of 14 other Seattle firms and individuals, who have assigned their claims, which total $19,413.83. This is in accordance with the plans of the defunct bank's officers, the complaint alleges. On June 29, it is recited, closing of the bank the next day was seen to be almost inevitable. Hope was held, however, that at the last moment outside aid might be obtained, and therefore deposits were accepted. But. the complaint sets forth, all last-day deposits were sealed in separate envelopes and placed in the vaulta, without being entered on the books, in order that If the foreseen closing took place, these deposits could be returned. Those who have assigned their claims to the Washington Shoe Man. ufacturing Co. are: John Davis & Co.: Dagg. Derenden Co.: J. T. Hardeman Hat Co.: Martin General Agency: Cascade Laundry Co.: A. Dalk & Co.: William A. Dickey: Sunde & d'Evers: C. R. Snider: D. F. Urch: Swedish Hospital; J. E. Stevens, and one claimant whose name is not entered.
11.April 6, 1922The Seattle StarSeattle, WA
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HUGE SUIT IN WAKE OF BANK CRASH Court Action for $104,000 Grows Out of Failure of Scandinavian American Suit for $104,000 and Interest was filed in superior court Wednesday against the Wicks Tire & Rubber Products Co., the Olympic Tire & Rubber Co., the Scandinavian American bank of Seattle, James Fletcher and George B. Baker, by D. H. C. Bampson. Of the amount sued for, $100,000 Is asked as principal of a bond Issue originally put out by the Wicks company, while $1,000 is Hampson's fee as trustee of the assets of the concern and $3,000 is counsel's fees. On October 1. 1919, the complaint states, the Wicks company issued 840 negotiable coupon serial bonds in the sum of $100,000. and later executed a mortgage by the terms of which all assets and property of the company were assigned in trust to the Scandinavian American bank of Beattle On January 25. 1931, It is claimed, the Olympic Tire & Rubber Co. became successor to the Wicks company. and took over all assets and liabilities. On June 30, 1921, the Scandinavian American bank closed Its doors and has since been in the hands of the state bank examiner. Sampson was elected trustee by the bondholders of the Wicks Tire & Rubber Products Ca. and took possession of the propeety and assets of the successor, the Olympia Tire & Rubber Co. He has declared the whole amount of the bond Issue due. and is suing to collect. Fletcher and Baker are brought in because they have claims against the assets of the rubber concern, and Sampson seeks to have his lien as trustee declared prior to theirs.
12.April 12, 1922The Seattle StarSeattle, WA
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Stockholders Sue Banking Supervisor R. Miner and Anna M. Miner throught suit for $1.000 in superior court Wednesday against John P. Duke, state supervisor of banking, who is liquidating the assets of the Scandinavian-American bank of so. attic. The plaintiffs allege that they were sold an over-issue run of bank stock, and that therefore in reality never received value for their money.
13.April 24, 1922The Seattle StarSeattle, WA
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SEEK TO REGAIN BANK DEPOSITS Last Day" Claims Against Scandinavian in Court Whether last day depositors In the BcandinavianAmerican bank of No. aftle, which closed Its doors June 30, 1921, are entitled to have their deposits refunded, or whether all money taken in on the last day may be considered assets of the institution by the state banking supervisor, was to be decided Monday by Superior Judge C. H. Neal. Evidence in a suit brought against the Beandinavian-American bank of Seattle and J. P. Duke, state bank. ing supervisor, by the Washington Shoe Manufacturing company, was being presented to the court. Four teen other claims have been assigned to the Washington Shoe Manufacturing company for the purpose of the test case. Ralph 8. Stacy, vice president of the Union National bank. and prestdent of the Scandinavian-American bank of Seattle at the time of its failure, admitted on the stand that deposits were accepted on June 30, 1921, in the hope that the bank could be saved: but in case negotia tions fell thru, he testified, such deposits were placed in separate envelopes and were not entered on the books, so that they might be returned. Stacy said that failure of the Scandinavian-American bank of Tacoma started a run on the Seattle institution, which resulted in $3. 500,000 being withdrawn. J. 8. Lane, for 25 years cashier of
14.June 30, 1923Seward Daily GatewaySeward, AK
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CLAIMS BE PAID AT AN EARLY DATE SAYS UAIJ RECEIVER SEATTLE DEPOSITORS GET 55 PER CENT AND TACOMANS 45 PER CENT TACOMA, June 30.-The claims of the defunct Scandinavian American Bank of Tacoma and Seattle, against Jafet Linderberg, amounting to some $223,000 will be paid at an early date, according to a statement made by Forbes P. Haskel, jr., receiver for the Tacoma institution. The money will be divided 55 per cent to Seattle and 45 per cent to Tacoma, the payments being distributed over a period of three years.
15.June 30, 1923The Nome NuggetNome, AK
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THREE YEARS TO PAY CLAIMS, DEFUNCT BANK Tacoma, June 29-Claims of the Defunct Scandinavian American banks of Seattle and Tacoma against Jafet Lindeberg amounting to $223,000 will be paid at an early date according to a statement made by Forbes P. Haskell Jr., Receiver of the Tacoma institution. The money will be divided 55 per cent to Seattle and 45 per cent to Tacoma. Payments to be distrib uted over a period of three years.
16.March 11, 1924Seward Daily GatewaySeward, AK
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SCANDINAVIAN BANK PAYING OUT MILLION CASH TO DEPOSITORS SEATTLE, Mar. 11.-The receiver of the defunct Scandinavian American bank of Seattle began paying out a million dollars in cash to depositors today.
17.March 15, 1924Seward Daily GatewaySeward, AK
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SCANDINAVIAN BANK PAYING OUT MILLION CASH URJI TO DEPOSITORS SEATTLE, Mar. 11.-The receiver of the defunct Scandinavian American bank of Seattle began paying out a million dollars in cash to depositors today.
18.December 15, 1924The Spokane PressSpokane, WA
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Defunct Bank Pays Another Dividend
SEATTLE.—Depositors of the defunct Scandinavian-American bank here will receive, Monday, their sixth dividend since the bank failed, almost three years ago. The total dividend available today is $1,000,000.
19.December 16, 1924The Spokane PressSpokane, WA
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Defunct Bank Pays Another Dividend
SEATTLE.—Depositors of the defunct Scandinavian-American bank here will receive, Monday, their sixth dividend since the bank failed, almost three years ago. The total dividend available today is $1,000,000.
20.May 6, 1926The Alaska Daily EmpireJuneau, AK
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HARTLEY GIVES ADDRESS ABOUT SCHOOL ISSUES Make Public Talk in Seattle and Flays Several of His Opponents. SEATTLE, May 6.-Gov. R. H. Hartley, in an address last night in the Eagles' Hall, which he had rented and invited everybody to attend, said the Seattle Post-Intelligencer is under the control of M. V. Tanner, former Attorney General. "Tanner has been particularly pernicious" in misrepresenting him, Gov. Hartley said, and explained: "I removed him from a nice juicy job as receiver's attorney for the Scandinavian-American Bank of Seattle, to save money for the depositors. He received $39,348 for his personal services and his firm totaled $137,177. If I must crawl
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.
