gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cc95b2a9583d755e
Response Measures
None
Description
President Collier later confessed to falsifying entries/embezzlement and receivers paid dividends to depositors.
Events (3)
1.January 30, 1917Receivership
Newspaper Excerpt
The Northern Bank and Trust company...failed this morning and its books have been seized by the state bank examiner. Closed-This Bank in the Hands of State Examiners. and later receivers issued dividends to depositors. March articles note suspension and later conviction of the president for falsifying records and embezzlement, and 1918 dividend payments from receivers were mailed to depositors for 20%.
Source
newspapers
2.January 30, 1917Run
Cause
Local Banks
Cause Details
Run intensified after failure of the Broadway State Bank and reports of the Northern Bank's connections to it; general loss of confidence and steady withdrawals.
Measures
Police held depositors in check; some banks waived notice and paid depositors in gold; Seattle Clearing House offered assistance.
Newspaper Excerpt
There has been sort of a run on the Northern Bank and Trust Company...a line of depositors more than a block long...clamored for their money.
Source
newspapers
3.January 30, 1917Suspension
Cause
Government Action
Cause Details
Closed by the state bank examiner after investigation and steady withdrawals; examiner seized books and ordered the bank shut.
Newspaper Excerpt
The Northern Bank and Trust Company...was ordered closed this morning by the state examiner who has been investigating the run on the institution the last few days.
Source
newspapers
Newspaper Articles (21)
1.January 30, 1917The Alaska Daily EmpireJuneau, AK
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Article Text
Seattle Institution With Million and a Half in Deposits Closed by Examiner. RUNS ON OTHER BANKS National Banks Are Not Being Disturbed by Flurry Which Is in Seattle. SEATTLE, Jan. 30.-The Northern Bank and Trust Company. with $1,500,000 deposits. was closed by the state bank examiner this morning. Ever since the failure of the Broadway State bank. several weeks ago, there has been sort of a run on the Northern Bank and Trust Company. The latter institution was allied with the smaller bank. A large number of Alaskans were caught by the Northern Bank and Trust Company's failure today, mainly through their acquaintance with W. L. Collier, president. Mr. Collier. while merely a clerk. went to Alaska, locating at Nome. and returned here gradually working his way up in the Northern Bank and Trust Company until he became a full-fledged banker. for the pasts year being president of the financial house. The failure of the bank today is attributed to loans of several hundred thousand dollars said to have been made to the Issaquah Superior Coal Mining Company, an alleged wild cat concern, promoted by Henri von Alvenslaben. The latter had operated extensively in British Columbia but his holdings were confiscated at the beginning of the war.
2.January 30, 1917Elko IndependentElko, NV
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Article Text
SEATTLE HAS BIG BANK FAILURE SEATTLE, Jan. 30.-The Northern Bank and Trust company, one of the largest financial institutions in the city failed this morning and its books have been seized by the state bank examiner. A line of depositors more than a block long was held in check for hours by the police, while they clamored for their money. It is reported that the bank is behind about $400,000. their deposits were $1,600,000. This afternoon three hundred depositors of the People's Savings bank stated a run on that institution because of the failure of the Trust company. The two banks are in no way connected.
3.January 30, 1917The Nome Daily NuggetNome, AK
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Article Text
SEATTLE, Jan. 30.-At noon today a number of timid depositors of the People's Saving bank started a small run on that institution following the announcement of the suspension of the Northern Bank and Trust Company, The bank, being a saving's bank, does not have to honor checks without a 60 day notice but the management waived this right and paid all depositors in gold.
4.January 30, 1917The Daily Progressive-MinerKetchikan, AK
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Article Text
NORTHERN BANK AND TRUST CO. OF SEATTLE ORDERED SHUT Had Been a Run on The Institution For Several Days, The State Examiner Steps In. SEATTLE, Jan. 30.-The Northern Bank and Trust Company, with deposits of over a million and a half dol. lars, was ordered closed this morn. ing by the state examiner who has been investigating the run on the institution the last few days. The run on the bank is said to be due to the fact that the President and other stoekhelder's were largely interested in the Breadway State Bank which closed its door# A shoft time ago. From those who claim to be informed of the condition of the bank, it is leared that it can meet with all its obligations in due time.
5.January 30, 1917The Tacoma TimesTacoma, WA
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Article Text
SEATTLE BANK CLOSES DOORS (United Press Leased Wire.) SEATTLE, Jan. 30-The Northern Bank & Trust Co., at Pike st. and Westlake avenue, failed to open its doors at 10 o'clock this morning. The bank's liabilities are $1,600,000; assets, $1,100,000. The failure of the bank was anticipated following an examination of the affairs of the concern by the state bank examiner, Monday night. The Northern Bank & Trust Co. did the clearing-house business for the Broadway State Bank, and when the latter failed recently a run was practically started on the Northern bank. The withdrawals were steady, and Monday night the bank examiner decided to close the doors. The cause of the failure is said to be slow returns on loans, some made previous to the European war, to German interests. Both the Northern Bank & Trust Co. and the Broadway State bank were organized several years ago by W. Phillips, who is charged with making loans that eventually forced the closing of the banks. Phillips, for a time in Tacoma, is in New York city at present.
6.January 30, 1917Daily Capital JournalSalem, OR
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Article Text
Seattle Bank Failure Due to German Loans Scattle, Wash., Jan. 30.-The Northern Bank and Trust company, at Pike street and Westlake avenue, failed to open its doors at 10 o'elΕck this morn ing. The bank's liabilities are $1,600,000: assets $1,100,000. The failure of the bank was anticipated following an examination of the affairs of the concern by the state bank examiner Monday night. The Northern Bank and Trust company did the clearing house business for the Broadway State Bank, and when the latter failed recently, a run was practically started on the Northern bank. The withdrawals were steady, and Monday night the bank examiner decided to close the doors. The cause of the failure is said to be a slow return on loans, some made previous to the European war, to German interests. Both the Northern bank and Trust company, and the Broadway State bank were organized several years ago by W. Phillips who is charged with making loans that eventually forced the closing of the banks. Phillips is in New York city at present. The Northern Bank and Trust company has one of the best locations in the city. It is announced another bank has already offered $75,000 for its lease.
7.January 31, 1917The Daily AlaskanSkagway, AK
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Article Text
of Seattle, Jan. 31-As a result the failure of the Northern Bank and Trust Company yesterday, depositors in great numbers demanded their money at all banks in this city with the exception of three of the largest National Banks. The run was most persistent on the savings institution, and when it was learned that the German American bank had failed to open its doors this morning, the excitment around the other banks grew intense. In anticipation of a feeling of unrest which might be made manifest this morning a great many of the banks were prepared with vast
8.January 31, 1917The Daily AlaskanSkagway, AK
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Article Text
DEPOSITORS BECOME PANICKY AND DEMAND MONEY FROM BANKS Run Begins When Institutions Open Three Big Doors For Day's Business German-American Banks Exempt Fails to Open Today After Hard Run of amounts of gold, silver and currency Seattle, Jan. 31-As a result OIL their counters when they opened the failure of the Northern Bank all for the day's business, and and Trust Company yesterday, dedemands were met without any hesipositors in great numbers demanded tation on the part of the paying tell their money at all banks in this ers. city with the exception of three of The Seattle Clearing house gave the largest National Banks. all The run was most persistent on notice that it would assist solvent banks in meeting the dethe savings institution, and when it mands of their depositors, whethwas learned that the German Amer they were members of the assoerican bank had failed to open its doors this morning, the excitment ciatien or not. The advice does not state whetharound the other banks grew iner OT not the German American tense. In anticipation of a feeling of bank will re-open, but owing to the unrest which might be made mani- run which was made on that infest this morning a great many of stitution all day yesterday its doors the banks were prepared with vast were no+ opened this morning.
9.January 31, 1917The Washington HeraldWashington, DC
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Article Text
Failure of Seattle Bank Starts 'Runs' on 2 Houses Seattle, Jan. 30.-A heavy run on the German-American Mercantile Bank commenced this afternoon, following the failure of the Northern Bank and Trust Company and the run on the Peoples' Saving Bank. Officials of the bank have posted a notice about the savings deposit windows that no demands will be met in that department unless noticè is given. A small run has also commenced on the Fremont State Bank, a city suburb. Sheriffs and officers in plain clothes have been placed in all banks where difficulties are expected.
10.January 31, 1917Elko IndependentElko, NV
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Article Text
SEATTLE BANK FAILS LARGE RUN ON ANOTHER SEATTLE, Jan. 31.-The GermanAmerican Mercantile bank went into the hands of the state bank examiner following a heavy run on the institution today. A large run was commenced also on the Scandinavian American bank. The trouble was caused by the failure of the Northern Bank and Trust company yesterday. All the banks of Seattle are hard pressed. The federal reserve bank of San Francisco has offered aid to the banks which are members of the reserve.
11.January 31, 1917The Tacoma TimesTacoma, WA
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Article Text
(Special to The Times.) SEATTLE, Jan. 31.-Big policemen stood in the doors of the Northern Bank & Trust Co. and faced a mass of bewildered humanity Tuesday morning. News that the institution had failed traveled fast by phone. Before the time for opening, at 10 a. m., men, women and girls had flocked there. The first few waited silently-expectantly. Then a young man on the inside posted notices, written in ink on bank stationery, in each window and on the doors. Read Fatal Notices. There was a sudden surge to read them. "Closed-This Bank in the Hands of State Examiners." Some laughed. Others muttered. Old women, gray-haired, clung hopefully to their places. It was cold and their lips got blue. "Is it any use to wait"" one of them asked a policeman. "I guess not, lady," he answered. She wormed her way out. They Read-and Depart. There were dozens like her-old and confused. Young women, evidently married, hurried to the edge of the crowd, craned their necks, and then jammed to the front, only to read the notices and depart. Those who had been there first and finally learned that it was too late to rescue their savings went away. They had prepared to participate in the final rush "run." No use. The place was closed. Got Christmas Card. "I got a Christmas card from
12.February 1, 1917The Wrangell SentinelWrangell, AK
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Article Text
SEATTLE, Jan. 30.-The Northern Bank and Trust Company. with deposits of over a million and a half dollars. was ordered closed this morning by the state examiner who has been investigating the run on the institution the last few days. The run on the bank is said to be due to the fact that the President and other stockholders were largely interested in the Broadway State Bank which closed its doors a short time ago. From those who claim to be informed ci the condition of the bank, it is learned that it can meet with Ellies obligations in due time.
13.February 5, 1917The Alaska CitizenFairbanks, AK
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Article Text
BANK GOES TO WALL. SEATTLE, Jan. 30.-The state bank examiner today closed the Northern Bank & Trust company's banking institution here. It contained something like a million and a half dollars in deposits, which, the examiner stated, the depositors will probably recover. The closing of the institution has been the occasion for a run on all of the other banks of the city.
14.February 8, 1917Mexico Weekly LedgerMexico, MO
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Article Text
FINANCIAL SUCCESS A SECOND bank in Seattle closed late Wednesday. The German-American Mercantile Bank was the institution, while Tuesday the Northern Bank & Trust Co. suffered a devastating run. The First National Bank, of Seattle, of which Morris Arnold, a former Mexico boy is president, is one of the strongest institutions of its kind in this country, and the failure of two banks in that city has materially aided the First National in that its unquestionable stability has brought it new depositors during the present unfortunate financial conditions in that city. The First National of Seattle, of which D. H. Moss, who married Miss Anna Bell Arnold, is cashier, has deposits, according to its last statement, of $6,897,742.23, while its capital stock is only $400,000. Its surplus and undivided profits are $262,242.94. Mr. Arnold, who received his banking experience under his father, R. R. Arnold, who recently died in Florida, while President of the Mexico First National Bank, is one of the most capable and successful young bankers in America. His-financial success, according to his own statement, is due to the careful training he received under the direction of his father.
15.March 23, 1917The Daily Progressive-MinerKetchikan, AK
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Article Text
BANK PRESIDENT PLEADS GUILTY TO CHARGE Sentenced to Serve From One to Ten Years At Walla Walla SEATTLE, March 23.-William L. Collier. President of the Northern Bank & Trust Company of this city, who closed the doors of the institution about two months ago, owing to a run on the bank by depositors, aggregating a million and a half, confessed to the prosecuting attorney of embezzling thirty thousand dollars. He was immediately allowed to plead guilty of making false entries and was sentenced by Judge Everett Smith to a term of from one to ten years in Walla Walla.
16.March 23, 1917Arizona RepublicanPhoenix, AZ
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Article Text
CONFESSES TO FALSE ENTRY [Republicar A. P. Leased Wire] SEATTLE, March 22.-William L. Collier, president of the Northern Bank and Trust company, which suspended business January 30 last, owing $1,500,000 to depositors, appeared before Prosecuting Attorney Lundin in the latter's office today and confessed that he made a false entry in the bank's books September 14, 1916. The banker was immediately taken before Superior Judge Everett Smith and arraigned on a charge of making a false entry. He pleaded guilty and was sentenced from one to ten years in the state penitentiary.
17.March 23, 1917El Paso HeraldEl Paso, TX
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Article Text
Eat at Savoy. 110 S. Stanton. Banker Is Sentenced. Seattle, Wash., March 23.-William L. Collier, president of the Northern Bank and Trust company, which suspended business Jan. 30 last, owing $1.500,000 to depositors, appeared before prosecuting attorney Lunlin in the latter's office yesterday and confessed that he made a false entry in the bank's books, Sept. 14, 1916. He was sentenced to from one to ten years in the state pnitentiary.
18.March 24, 1917East Oregonian : E.OPendleton, OR
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PRESIDENT OF BANK GIVEN PRISON TERM Will L. Collier Confesses to Falsifying Records of Defunct Seattle Institution, Embezzlement; Pleads Guilty. SEATTLE, Wash., March 24.-Will Collier, president of the Northern Bank & Trust company, which institution was closed by the state bank examiner a few weeks ago, resulting in runs on a. number of other local institutions, this afternoon appeared before the prosecuting attorney and confessed to falsifying the records of the
19.May 18, 1917El Paso HeraldEl Paso, TX
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Seattle, Wash., May 18.-William L. Collier, former president of the bankrupt Northern Bank and Trust company, which suspended business January 31 last, owing $1,500,000 to depositors, pleaded guilty yesterday to embezzlement of $63,000 of the bank's funds and was sentenced to five to 15 years in prison.
20.March 12, 1918The Nome Daily NuggetNome, AK
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Article Text
Local parties who were involved in the failure of the Northern Bank and Trust Company. of Seattle. last year. were agrecably surprised to receive checks from the receivers on yesterday's mail for twenty percent of the amount due them as depositors at the To time the institution was closed add still further to their gratification, the checks were accompanied by a statement to the effect that the twenty per cent payment was only the first dividend and additional reimbursement may be expected
21.November 15, 1922The Seattle StarSeattle, WA
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Article Text
# What Is Bank Dept. Doing?
Editor The Star:
More than five years have elapsed since the failure of the Northern Bank & Trust Co. The depositors have received an aggregate of 40 per cent of the amount of their claims. The last dividend, No. 8, was paid August 1, 1920, amounting to 10 per cent, and since that date nothing has been paid. No report has been made of the assets in the hands of the bank commissioner. He must have had some cash belonging to the depositors in order to pay his help, office rent and other expenses during more than two years since we received the last dividend.
Of course, the sooner he closes up the affairs of this busted bank the sooner some of the people now on his payroll will have to hunt for other jobs, but we cannot help but wonder what work the office force we are paying salaries to is doing all these years on the Northern Bank affairs.
Would it not be fair for the bank examiner to make a report in detail showing us the exact amounts he has paid out of our funds for attorney's fees, office rent, salaries, and other expenses? Before we had a bank commissioner, failures of banks were handled by the courts thru receivers and they were obliged to make an annual report to the creditors. Can't we get such a report from a public official who is handling our money and won't let us know anything about it?
Respectfully,
PETER MANTEHES.
2218 First ave. W.
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.
