Traders National Bank (Spokane, WA)

Episode Information

Episode UID
340901122
Episode Type
Run Only
Bank Type
national
Bank ID
34090 national
Charter Number
3409
Start Date
June 6, 1893
Location
Spokane, Washington (47.659, -117.426)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
fa371becb30cd90d

Response Measures

Accommodated withdrawals, Borrowed from banks or large institutions, Fed/other loan, Full suspension

Description

City-wide run affected multiple Spokane banks; Traders National not named but was subject to the city panic.

Events (3)

1. November 13, 1885 Chartered
Source
historical_nic
2. June 6, 1893 Run
Cause
Local Banks
Cause Details
Failure of the Bank of Spokane (private bank of A. M. Cannon) triggered a panic and runs on all Spokane banks; prior out-of-state failures increased uneasiness.
Newspaper Excerpt
a run was started anew upon all banks.
Source
newspapers
3. August 5, 1914 Voluntary Liquidation
Source
historical_nic

Newspaper Articles (2)

Article from The Record-Union, June 7, 1893

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Article Text

BANK FAILURES. Three Spokane Institutions Close Their Doors. SPOKANE (Wash.), June 6.--Three banks closed their doors to-day. They have assets largely in excess of the liabilities, and have been conducted with sound management. They were caught in a sudden whirl and flurry. The public suddenly became alarmed, and distance from the money centers prevented timely fortification. When the banking hours arrived this morning the Washington National and Washington Savings Banks, allied institutions, failed to open their doors. They had been subjected to a heavy run the day before, and although they had made arrangements for money, it failed to arrive in time. This startled the public, and a run was started anew upon all banks. By 1 o'clock it had almost entirely subsided, but relief came too late for the Citizens' National, which closed its doors at 2 o'clock. The other banks stood the strain with no visible signs of weakening, and since they have been strengthening themselves, and the worst of the flurry is believed to be over. It is generally believed that there will be no more suspensions.


Article from The Kootenai Herald, June 10, 1893

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Article Text

Spokane Banks Fail. Last Monday the Bank of Spokane Falls closed its doors. This was the oldest banking institution in Spokane. It was a private institution owned by A. M. Cannon who was supposed to be as solid as adamant financially. The failure of Cannon's bank caused a panic among depositors and immediately a run started on all the banks of the city. On Tuesday morning the Washington National, the Washington Savings and the Citizens National were unable to open their doors for business. The run on the other banks continued, but they were able to stand the run and quiet was resumed. Confidence seems to have taken hold again and everything appears to be all right. Of the four banks that have closed all will pay dollar for dollar and that speedily, it is believed. Cannon's bank has assets three times in access of its liabilities. The Citizens' has $400,000 gilt edge security against $200,000 deposits. There were a series of misfortunes which led up to the financial crash in Spokane. First, depositors caught the infection of foreign alarm. The failures in other states produced a spirit of uneasiness among depositors. Then some accident started a run on the Bank of Spokane and the panic followed. All the banks were perfectly solvent, but four found themselves short of ready money to meet a, run, and it was impossible to get cash in their vaults in time to meet the demands. Every bank in Spokane will pay dollar for dollar upon its deposits, but the temporary failure will doubtless bring ruin to many a man.