397601123 39760
national
fa85d77da21660a9Accommodated withdrawals, Capital injected, Partial suspension, Full suspension, Books examined
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EXPECT TO RESUME. WHATCOM, Wash., July 31.-The Bellingham Bay National bank did not open its doors this morning. The temporary suspension was caused by the constant withdrayal of deposits the past ninety days. Assets, $270,000; liabilities, $160,000. The bank officers expect to resume in a short time.
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Another Washington Bank Closes. WHATCOM, Wash., July 31.-The Bellingham Bay National bank did not open this morning. A temporary suspension was caused by the constant withdrawal of deposits for the past ninety days. Assets are $270,000; liabilities $160,000.
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THE FINANCIAL SITUATION. On the 25th the Mitchell bank at Milwaukee closed its doors. Its deposits amount to nearly $8,000,000, assets $9,000,000. At Indianapolis the Indianapolis National bank and the Bank of Commerce closed their doors. Joint liabilities $2,500,000. Three banks at Louisville, Kentucky, also failed on the 25th. They are the Merchants' National, the Fourth National and the Louisville Deposit bank. None of the failures are considered bad ones. Depositors in the two national banks will be paid in full, and the loss to stockholders will not be more than 60 per cent. in either case. The situation on the New York stock exchange on the 28th was critical and a panic was narrowly averted. The news that the Erle railroad had gone into the hands of a receiver was largely responsible for the break in stocks which fell from 1 to 4 points. H. I. Nicholas & Co., brokers, assigned. The First National and Montana National banks of Helena, failed to open Thursday morning. A run followed on theother banks of the city. The run was confined principally to the Merchants' National bank, which paid everybody. They are confident that they will be able to stand the run. The two closed banks have ample assets, but cannot realize on them. The Oregon National bank and the Northwest Loan and Trust company of Portland failed to open their doors on the 27th. A notice on the door says: "Owing to withdrawal of deposits and the Inability to realize on securities this bank is forced to suspend." The First National of Middleboro, Kentucky, closed on the 27th. Two banks at Sparta, Wisconsin, closed, also a bank at Portage. The Ellensburg, Washington, National bank suspended payment. In consequence of a run upon It the Traders' Deposit bank of Mount Sterling, Indiana, suspended. The following banks failed on the 28th: First National at Great Falls, Montana; German National at Washington, Wisconsin; Seymour's Bank at Chippewa Falls, Wisconsin; Chamberlain National at Chamberlain, South Dakota. The publication of the intended action of the New York and Brooklyn savings banks and institutions to put into practice the law entitling them to sixty days' notice from depositors of intended withdrawals of money precipitated a run Saturday. Some of the banks paid the amount In full, and thus sought to restore confidence. Others required notice, the time ranging from ten to ninety days, according to the period specified in the by-laws. The Commercial National, Ainsworth National and Portland Savings bank of Portland, Oregon, closed their doors on the 29th. The following banks also closed on that date: Citizens Savings, Akron, Ohio; First National, Kankakee, Illinois; Commercial, Eau Claire, Wisconsin; Barron Brothers, Lusk, Wyoming. The McNeal & Urban Safe and Lock Company, one of the oldest safe firms in the country, have assigned to Howard Douglass of Cincinnati. Assets, $160,000; liabilities unknown. The firm has been unfortunate in several large contracts, but it Is claimed that it is solvent. The New York clearing-house committee on the 31st authorized the Issue of $2,500,000 more in loan certificates, which brings the total issue outstanding up to $27,975,000. It may be noted that $26,565,000 was the maximum Issue of 1873, but this comparison is really less impressive than it seems, for a very considerable part of this year's New York issues has In practical effect, been provision for Chicago. No banks applied, so the dispatches stated, for loan certificates in the city. A secondary result of the local money scarcity was an absolute want of bids for sterling bills, exchange rates going on some transactions below the year's previous lowest record. The following banks suspended on the 31st: Springfield Savings, at Springfield, Misssouri; First National, Ashland, Wisconsin: First National, Dalles, Oregon: Bellingham Bay National Whatcom lequiring Notice of When drawal of deposits.
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A Whatcom Bank Closes. WHATCOM, July 31.-The Bellingham Bay National bank did not openits doors this morning. The temporary suspension is caused by the constant withdrawal of deposits for the past ninety days. Assets, $270,000; liabilities $160,000.
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MAKES ECKELS SICK. The Way Democratic Warhorses Beg Receiverships. HINTS FOR MR. M'NAMARA. He Can't Run Fort Townsend Postoffice as He Pleases-Little Money for surveys. WASHINGTON City, Dec. 17.-[Special.]Comptroller Eckels says the affairs of national banks in Oregon and Washington have given him more trouble than all the other states in the Union. Whenever a bank has been obliged to close its doors immediately a flood of applications has poured in upon him by mail and by telegraph for the appointment as receiver. reminding one of the turkey boxzards that gather around the carcass of a dead cow. This is the case at the present time with the Oregon National bank at Portland, which the taxpayers have closed up because it was unable to return at once all the funds of the county which had been deposited there. The comptroller had soarcely received information of the closing of the bank when the telegrams asking an appointment as recaiver began to pour in. The letters and the usual indorsements are now coming. Mr. Eckels has no end of words of praise for the people of Seattle for the manner in which they have stood together and helped each other during the financial crisis. Strong efforts have been made to bring about the reopening of the Port Angeles National bank, and the matter has been under advisement by the comptroller far the past month. He has finally decided that it would not be for the best interests of the depositors to permit the bank to re-open. The Bellingham Bay National bank of Whatcom, which has been in the hands of an examiner. and the Citizens' National band of Spokane, which has been in the hands of receiver, will be permitted to reopen for a business within a short time. A special examination of the affairs of the latter bank has just been ordered.
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A Whatcom Bank Reopened. WHATCOM. Jan. 8.-[Special.]-The Bellingham Bay National bank, which suspended last August and has since been in charge of an examiner, will be reopened for business Tuesday or Wednesday morn ing.
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Whatcom Bank Elections. WHATCOM. Jan. 10-(Special.]-Officers of the Beilingham Bay National Bank report that the deposits since the reopening of the bank yesterday morning have largely exceeded the withdrawals under the provisions of the reopening agreement. Depositors representing a little over 80 per cent. of the deposits agreed to accept pay. ment of their accounts in five installments, the first two of 15 per cent. each, the next of 20 per cent. and the last two of 25 per cent. the last payment to be due on the 1st of February, 1895, and all the deferred payments to bear,interest. This left about 18 per cent. of the total deposits to be treated as demand claims, which the bank had to pay on the day of reopening,
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per cent. before the IS per cent. dividend to depositors was paid, thus releasing the stockholders from further liability, as the law provides that only one assessment upon the capital stock of a national bank can be made by the comptroller, although that may be made for the full amount. Last year the comptroller prescribed certain conditions under which he would terminate the receivership and consent to the reopening of the bank. Cashier Baker went East and succeeded in raising in Baltimore the amount necessary to comply with the comptroller's conditions, subject only to the approval by an agent of the men who were to furnish the money of the security offered, which was entirely independent of the securities of the bank. Baker had returned and the agent of the Baltimore capitalists was about to start for this city, when the comptroller, acting upon the advice of Receiver Blanchard and J. C. Lighthouse, withdrew his consent to the reopening of the bank upon the terms he had before named. The depositors organized and protested and asked for a new receiver. but all in vain. President Watty removed to Honolulu with his family; Cashier Baker went into the shingle business, and the fine rooms formerly occupied by the bank were rented to the street railway company and Hugh Eldridge for office purposes. Mr. Blanchard went away some time ago and is said to be ill in the East, and the depositors are still waiting for another dividend and wondering "where they are at." The Bellingham Bay National Bank, which suspended after the Columbia, has been in successful operation for over a year, and has even anticipated some of its obligations to depositors, and the Puget Sound Bank, the affairs of which were considered to be In the worst condition of any of the suspended institutions, was reopened several months ago and is doing a good business.
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Two Banks Go Down. The Bellingham Bay, Wash., National Bank has closed its doors by order of the directors, being unable to meet the county treasurer's demand for the county's deposit. The cashier reports the liabilities approximately at $105,000, of which $77.000 is due depositors. The suspension of the Bellingham Bay National Bank precipitated a run on the Bennett National Bank. The directors held a meeting and adopted a resolution not to open and directing the president to wire the comptroller of the currency to place the bank in the hands of the examiner.
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TWO WHATCOMBANKS Bellingham Bay and Bennett National Stop Business. FORCED BY LOSS OF DEPOSITS Bennett National Holds Chattel Mortgage on Tacoma "Ledger"-Tacoma Hotel Stock Hypothecated. Whatcom. Nov. 4-Special-The following notice was posted at the entrance of the Bellingham Bay National bank shortly after 10 o'clock this morning: "Due to recent heavy withdrawals and demands this bank is, by authority of its board of directors, hereby closed. James W. Morgan, President." President James W. Morgan said to the Post-Intelligencer reporter: "The general cause of the closing is the recent withdrawals and heavy demands of depositors, coupled with a falling off of deposits. Since the closing of the Tacoma banks there has seemed to be a gradual and steady shrinkage of business, which was probablv due in a measure to the general unrest of the people caused by the Tacoma troubles, and also is directly traceable to a long-continued and concerted action on the part of certain persons here to close the bank, from pure malice, by circulating false statements about its condition. The immediate cause was the demand of the county treasurer this morning for the county funds on deposit with us. which deposit was secured by a good and sufficient bond, as required by law. and as we were not in condition to comply with the demand on such short notice we had no recourse but to take the action stated." Cashier Charles Donovan stated this evening that the Habinties are $77,000 to depositors and $28,000 to banks, a total of $105,000, and the total assets $187,000. The officers declined to give the amount of the county's deposit, but it is said to have been less than $7,000, and it is secured not only by bond but by a mortgage for $35,000 recorded this morning. The city has a small balance there. but the treasurer was unable to say this morning just how much. but it is only a few hundred dollars. During the panic of 1893 the bank was obliged to suspend on the 29th of July, and it remained in the charge of an examiner until January 9, 1894. when it was reopened by means of extensions granted by the depositirs and money raised by the directors on their own personal security, independent of the bank's assets. Mr. Morgan especially labored very hard to get the bank open, and he has struggled manfully for nearly two years against adverse conditions to keep it open. As soon as the suspension of the Bellingham Bay National bank became known, a quiet but steady run was begun on the Bennett National, which has done the best banking business on the bay since removing here from Fairhaven in 1893. The county treasurer withdrew nearly $4,000 of county funds and the city treasurer about $1,000. and there was a steady demand from smaller depositors until shortly after 1 o'clock, when creditors were asked to await the arrival of the Great Northern train from Seattle. It was half an hour late. but brought by express several thousand dollars. with which payments were resumed and leisurely continued until the closing hour, 3 o'clock. Some of the larger depositors were in-
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Could Not Recover. New whatcom, Wash., Nov. 5.-The BellIngham Bay National Bank has closed its doors, suspension being decided upon after a conference with the directors yesterday. The bank failed during the financial crisis two years ago, but resumed operations a few months later.
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Bank Failure at Whateom. SEATTLE, WASH., Nov. 4.-The Bellingham Bay National Bank of Whatcom closed its doors to-day. The suspension was decided upon after a conference of directors. During the great panic the bank failed, but resumed payment some months later.
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NEWS OF THE STATE. The Bellingham Bay National bank, of Whatcom, suspended Monday morning,
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A Bank Failure. New Whatcom, Wash., Nov. 6.-The failure of the Bellingham Bay National bank Monday resulted in the suspension of the Bennett National bank yesterday morning, leaving only one other banking concern in the city. Nelson Bennett of the Tacoma Ledger is the heaviest stockholder in the institution.
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National Bank Suspensions. NEW WHATCOM, WASH., November 6.-The failure of the Beilingham Bay National Bank Monday resulted in the suspension of the Bennett National Bank yesterday morning, leaving only one other banking concern in the city. Nelsor Bennett, of the Tacoma Ledger, is the heaviest stockholder in the institution.
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RECEIVER APPOINTED. Washington, Dec. 5.-The controller of the currency has appointed Joseph B. Dawson, receiver of the Bellingham Bay National Bank, of New Whatcom, Wash.
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A Receiver Appointed. Washington, Dec. 5.-The comptroller of the currency has appointed Joseph B. Dawson as receiver of the Bellingham Bay National bank of New Whatcom, Wash.
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DOMESTIC DOTS. Telegraph News from All Parts of the Land Over Which the Stare and Stripes Wave. 1 WASHINGTON.-The comptroller of the currency has appointed Joseph B. Dawson as receiver of the Bellingham Bay National bank of Whatcom, Wash.
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Bellingham Bay News. Whatcom, Dec. 11.-Special.-City Treasurer Van Wyck has about $1,800 of city money tied up in the suspended Bellingham Bay National bank, and a small balance in the Bennett National, and has made a proposition to the council to mortgage his property to secure the city and obtain the release of his bondsmen. The city has never had a more competent or popular treasurer, or one in whom more confidence is felt. It is said that another change in the management of the Fairhaven WorldHerald is likely to be made about January 1.
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Suspended Bank Dividends, Washington, May 17.-Comptroller els has declared dividends as follow first dividend, 15 per cent, in favor creditors of the First National ban South Bend, Wash., on claims P amounting to $52,302.06. A first divid 15 per cent, in favor of the creditos the Bellingham Bay National ban New Whatcom, Wash., on claims P amounting to $64,325.39.
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Suspended Bank Dividends. Washington, May 17.-Comptroller Eckels has declared dividends as follows: A first dividend, 15 per cent, in favor of the creditors of the First National bank of South Bend, Wash., on claims proved amounting to $52,302.06. A first dividend, 15 per cent, in favor of the creditors of the Bellingham Bay National bank of New Whatcom, Wash., on claims proved amounting to $64,325.29.
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Suspended Bank Dividends. Washington, May 17.-Comptroller Eckels has declared dividends as follows: A first dividend, 15 per cent, in favor of the creditors of the First National bank of South Bend, Wash., on claims proved amounting to $52,302.06. A first dividend, 15 per cent, in favor of the creditors of the Bellingham Bay National bank of New Whatcom, Wash., on claims proved amounting to $64,325.29.
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Get All That's Coming. WHATCOM, April 3.-The comptroller of the currency has declared a final dividend of 4 per cent. on the deposits in the defunct Bellingham Bay National bank. This makes a total dividend of 39 per cent. paid on all deposits. The bank went into the hands of receivers Ave years ago.