Washington National Bank (Tacoma, WA)

View Charter #4018 on SPMC View balance sheet

Episode Information

Episode UID
401801123
Episode Type
Suspension → Closure
Bank Type
national
Bank ID
40180 national
Charter Number
4018
Start Date
July 27, 1893
Location
Tacoma, Washington (47.253, -122.444)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
cacd5c90e30f132a

Response Measures

None

Receivership Details

Depositor recovery rate
84.5%
Date receivership started
1893-08-26
Date receivership terminated
1901-05-25
OCC cause of failure
Losses
Share of assets assessed as good
25.3%
Share of assets assessed as doubtful
48.4%
Share of assets assessed as worthless
26.3%

Description

Articles report the bank suspended in late July 1893 and placed in the Comptroller's receiver on Aug 28; court later sustained the Comptroller.

Events (4)
1. April 23, 1889 Chartered
Source
historical_nic
2. July 27, 1893 Suspension
Cause
Voluntary Liquidation
Cause Details
Shareholders voted to go into voluntary liquidation (reported July 27) and the bank closed its doors about a month before Aug 28, 1893.
Newspaper Excerpt
The bank, which suspended some time ago, was in the hands of a bank examiner.
Source
newspapers
3. August 26, 1893 Receivership
Source
historical_nic
4. August 26, 1893 Receivership
Newspaper Excerpt
Comptroller Eckels has appointed Stewart Rice receiver of the Washington National bank, of Tacoma, Wash.; the affairs of this bank are not in a condition satisfactory to Comptroller Eckels. (reported Aug. 28, 1893). The court has sustained him in the case of the Washington National Bank, of Tacoma. (Aug. 30 articles).
Source
newspapers

Newspaper Articles (17)
1. August 29, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, August 29, 1893

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Article Text

Stole n March on the Bank. WASHINGTON, Aug. 28. - Comptroller Eckels has appointed Stewart Rice receiver of the Washington National bank, of Tacoma, Wash. This bank had gone into the courts to endeavor to get out of the hands of the comptroller of the cur ency, when, late Saturday night, he took it out of the hands of the bank examiner in charge and placed it in the hands of a receiver, thus stealing a march on the bank officials. The affairs of this bank are not in R condition satisfactory to Comptroller Eekels.

2. August 29, 1893 The Herald Los Angeles, CA
Article from The Herald, August 29, 1893

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Article Text

Eckels Stole a March. WASHINGTON, Aug. 28.-Comptroller Eckels has appointed Stewart Rice receiver of the Washington National bank of Tacoma, Wash. This bank had gone into the courts to endeavor to get out of the hands of the comptroller of the currency, when, late Saturday night, he took it out of the hands of the bank examiner in charge and placed it in the hands of a receiver, thus stealing a marchoon the bank officiale. The affairs of this bank are not in a condition satisfactory to Comptroller Eckele.

3. August 29, 1893 The Wilmington Daily Republican Wilmington, DE
Article from The Wilmington Daily Republican, August 29, 1893

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Article Text

Bank Receiver A appointe@. W ASHINGTON, Aug. 29. - Comptroller Eckels has appointed Stewart Rice receiver of the Washington National Bank of Tacoma, Washington. The affairs of this bank were not in a condition satisfactory to Comptroller Eckela

4. August 29, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, August 29, 1893

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Article Text

Receiver Appointed. WASHINGTON, Aug. 28.-Comptroller Eckels has appointed Stewart Rich receiver of the Washington National bank, Tacoma, Wash. This bank has gose into the courts to endeavor to get out of the hands of the comptroller or the currency, when late Saturday night be took It out of the hands of the bank examiner in charge and placed it in the hands of - receiver, thus stealing a march on the bank officials.

5. August 29, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, August 29, 1893

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Article Text

Rice Made Receiver. WASHINGTON, Aug. 28.-Comptroller Eckels has appointed Stewart Rice receiver of the Washington National bank, of Tacoma. Wash. This bank had gone into the courts to endeavor to get out of the hands of the comptroller of the currency, when late Saturday night he took it out of the hands of the bank examiner in charge and placed it in the hands of a receiver, thus stealing a march on the bank officials. The affairs of this bank were not 111 a condition satisfactory to Comptroller Eckels.

6. August 29, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, August 29, 1893

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Article Text

A TACOMA BANK CASE. Washington National's Efforts to Restrain Comptroller Eckela. An important case was argued in the United States district court yesterday before Judge Hanford, it being the suit of the Washington National bank of Tacoma against Comptroller of the Currency Eckels and Bank Examiner Charles Clary. The suit was for a temporary injunction against any interference of the comptroller with the affairs of the bank, which closed its doors about a month ago. The complaint alleged that the shareholders of the bank voted to go into voluntary liquidation on July 27 and did so, and were winding up the business of the bank in an economical and satisfactory manner and paying all claims presented in a manner satisfactory to creditors, when on August 25 Comptroller Eckeis notified the board of directors of the bank that its condition was not satisfactory as to voluntary liquidation and instructed Bank Examiner Clary to take charge and place the institution in the hands of a receiver. This was alleged to be against the laws of the United States and contrary to the wishes and consent of the creditors of the embarrassed corporation. A temporary injunction against any further interference on the part of government officials was prayed for. On Saturday a plea in bar was filed in Tacoma, where the suit was brought, This plea asserted that the action of the comptroller and his subordinate, the bank examiner, was perfectly lawful, but that notwithstanding the fact, the officials of the bank had refused and were still refusing to surrender possession of the property or assets of the bank to ex-Mayor Stewart Rice, of Tacoma, who was appointed receiver and that Rice was only in possession to so great an extent as possible without the consent of the bank officials. For these reasons the comptroller asked that he be compelled to make no further answer to the complaint since all the allegations of the complaint were insufficient to justify any decree in favor of the plaintiffs. The case being urgent, it was transferred from Tacoma to the United States court in this city, and arguments on the plea in bar were made before Judge Hanford yes. terday afternoon. Assistant United States District Attorney Fogg, of Tacoma, argued the case for the comptroller, while another Tacoma attorney pleaded against the plea for the bank. When the argument had been finished Judge Hanford took the case under advisement, but will render a decision ON the opening of court this morning. The case will be practically decided by the decision, as the plea brings to an issue every point involved. WASHINGTON Cirr, Aug. 28-Comptroller Eckeis has appointed Stewart Rice receiver of the Washington National bank, of Tacoma. This bank had gone into the courts to endeavor to get out of the hands of the comptroller of the currency, when late Saturday night he took it out of the hands of the bank examiner in charge and placed it in the hands of a receiver, thus stealing a march on the bank officials. The affairs of this bank are not in condition to satisfy Comptroller Eckels. Passed a Counterfeit Dollar.

7. August 30, 1893 Richmond Dispatch Richmond, VA
Article from Richmond Dispatch, August 30, 1893

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Article Text

Bank Receiver Appointed. W ASHINGTON, Aug. 29. - Comptroller Eskels has appointed Stewart Rice receiver of the Washington National Bank of Tacoma, Washington. The affairs of this bank were not in a condition satisfactory to Comptroller Fabely

8. August 30, 1893 The Evening World New York, NY
Article from The Evening World, August 30, 1893

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Article Text

ECKELS IN SOLE CONTROL. An Important Decesion Regarding Suspended Banks. WASHINGTON, Aug. 30.-Comptroller Eckels is informed that the court has sustained him in the case of the Washington Nationtl Bank, of Tacoma. The bank officials desired to resume, but as Comptroller Eckels would not give his permission, they applied to the courts. Comptroller Eckels then placed the bank in the hands of a receiver. and now the court has denied the application of the bank officials. The decision is regarded as important, sustaining the right of the Comptroller of the Currency, as it does, to the sole control of suspended banks.

9. August 30, 1893 Evening Star Washington, DC
Article from Evening Star, August 30, 1893

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Article Text

The Controller Sustained. Controller Eckels is informed that the court has sustained him in the position he took in the case of the Washington National Bank of Tacoma, Washington. The bank, which suspended some time ago, was in the hands of a bank examiner. The bank officials desired to resume, but the condition of its finances was such that Controller Eckels would not give his permission. The bank officials then tried by applying to the court to take the bank out of the hands of the controller. Being informed of this action Mr. Eckels placed the bank in the hands of a receiver. While the bank was 'still in the receiver's hands the court denied the application of the bank officials. The decision is regarded as important, sustaining the right of the controller of the currency, as it does, to the sole control under the law of the national banks of the country.

10. August 31, 1893 New-York Tribune New York, NY
Article from New-York Tribune, August 31, 1893

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Article Text

THE CONTROLLER HAS SOLE CONTROL. Washington, Aug. 20.-Controller Eckels is informed that the Court has sustained him in the position he took in the case of the Washington National Bank, of Tacoma. The bank, which suspended some time ago, was in the hands of a bank examiner. The bank officials desired to resume. but the condition of its finances was such that Controller Eckels would not give his permission. The bank officials then tried by applying to the court to take the bank out of the hands of the Controller Being informed of this action, Mr. Eckels placed the bank in the hands of a receiver. While the bank was still in the receiver's hands the court denied the application of the bank officials. The decision is regarded as important, sustaining the right of the Controller of the Currency as it does to the sole control under the law of the National banks of the country.

11. September 2, 1893 The Coeur D'alene Press Coeur D'alene, ID
Article from The Coeur D'alene Press, September 2, 1893

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Article Text

A Shrewd Move, WASHINGTON, Aug. 28 28.-Comptroller Eckels has appointed Stewart Rice receiver of the Washington National bank at Tacoma, Wash. This bank had gone into the courts to endeavor to get out of the hands of the comptroller of cur. rency, when late Saturday night he took it out of the bands of the bank examiner in charge and placed it in the hands of a receiver. thus stealing a march on the bank officials. The affairs of this bank are not in a condition satisfactory to Comptroller Eckels.

12. September 2, 1893 The Kootenai Herald Bonners Ferry, Kootenai, ID
Article from The Kootenai Herald, September 2, 1893

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Article Text

A Shrewd Move. WASHINGTON, Aug. 28.-Comptroller Eckels has appointed Stewart Rice receiver of the Washington National bank at Tacoma, Wash. This bank had gone into the courts to endeavor to get out of the hands of the comptroller of currency, when late Saturday night he took it out of the hands of the bank examiner in charge and placed it in the hands of a receiver, thus stealing a march on the bank officials. The affairs of this bank are not in a condition satisfactory to Comptroller Echels.

13. September 6, 1893 Waterbury Evening Democrat Waterbury, CT
Article from Waterbury Evening Democrat, September 6, 1893

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AN important decision has been reached by the courts in the case of Comptroller Eckles against the Washington national bank of Tacoma. Washington. The bank, which suspended some time ago. was in the hands of a bank examiner. The bank officials desired to resume. but the condition of its financee was such that Comptroller Eckles would not give his permission. The bank officials then tried by applying to the court to take the bank out of the hands of the comptroller. Being informed of this action, Mr Eckles placed the bank in the hands of a receiver. While the bank was still in the receiver's hands, the court denied the application of the bank officials. The decision is regarded as important, sustaining the right of the comptroller of the currency, as it does, to the sole control under the law of the national banks of the country.

14. January 20, 1894 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, January 20, 1894

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Bad Loan by a Tadoma Bank. TACOMA, Jan. 19.-[Special.]-The superior court has ordered Receiver Rice, the Washington National bank, to quit claim the bank's interest in a $23,000 second mortgage on Maplewood and Puyallup land to Ezra Meeker for $50. Meeker held a first mortgage on the same property. Rice informed the court that he could not realize over $50 over the first mortgage.

15. March 24, 1894 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, March 24, 1894

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Brief Tacoma News. TACOMA, March 23. - [Special.] - The suspended Washington National bank has declared a dividend of 20 per cent., amounting to $18,000. The Northwestern Grocery Company and the Union Investment Company were incorporated today, the former with a capital stock of $10,000 and the latter with $100,000. E. T. Durgin, J. C. Huckley and F. M. Talbot are the incorporators of the grocery company, and Harry M. and F. M. Ball of the investment company. The charge of seduction preferred by the parent of Eva May Allen against Nelson Bedell was not sustained in the justice court today and Bedell' was discharged. It is claimed that the ordinance reducing the salaries of city officials $68,000 per year is valid notwithstanding the mayor's veto. The ordinance had become a law with out the mayor's signature, but the claim was advanced that it had not been received in the mayor's office in time to give him an opportunity to examine it before the time in which he should have signed it ordinarily had expired. The mayor did not take the delay into consideration, and vetoed the ordinance. Already $16,500 has been subscribed to the rolling mill subsidy. The mill will be located near Lake View, according to present indications. Judge Scott, of Port Townsend. stated while in the city yesterday that ex-President Harrison would go east from California via the Southern Pacific and would not visit Puget sound as has been expected. In his ante-mortem statement, W. W. Russell, of Lake Taps, who was mixed up in the fight with the Orcutts, in which Bill Cushman was killed, claims the Orcults murdered Cushman without cause, and that he and Cushman were unarmed at the time. Mrs. Brink, of Vashon island, disappeared from home yesterday. taking her 6-months-old babe. Last night she stopped at the Fife hotel here. The police and her husband are searching.

16. April 7, 1894 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, April 7, 1894

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BOGGS' LOST MONEY. How Tacoma's Treasurer Will Settle With His Successor. LIABILITY. DOESN'T DENY Chinese Taken From Tacoma to Be Deported Effect a Landing at Victeria From the Steamer. TACOMA, Treasurer Boggs proposes to refuse payment to the city of the $21,392,90 of the city's -sne eqs of dn pen seq eq spenj pended Merchants' National bank. It was estimated during the municipal campaign that it was desirous, so far as Mr. Boggs was concerned, to secure the election of a city council and the appointment of a city attorney who would aid him in repudiating this obligation, together with the $16,000 locked up m the suspended Washington National on the ground that the city treasurer was not responsible for the safe keeping of the city's funds if the city council failed to provide and designate a depository for its funds. Whether or not the councilmanie result . pesson this 03 SEA new tack has been taken and the city treasurer proposes to repudiate the Merchants' National debt in a personal manner, and hold the clearing house responsieys uodn opens eq 01 81 claim This 19 ground that the clearing house guaranteed the depositors of the Merchants' National bank, and, the city treasurer being one of the depositors, his deposit was guaranteed. No doubt a lively fight will result, and in the meantime it is proposed that the new city treasurer shall accept the receiver's our up dn sunows em JOJ cortificate suspended banks, and carry Mr. Boggs until the matter is settled. No doubt Mr. McCauley will extend to Mr. Boggs any reasonable accommodation in this manner. So far as the Washington National bank deposit is concerned, the new treasurer will also be asked to accept the certificate of the receiver for the $16,000, or the balance remaining in the bank when the new administration takes office April 19. Already a 20 per cent. dividend has been 100 mesp $230g *1){ Aupos pus ordered nearly $3,000 of the amount on which he was nipped. But in the case of the Washington National the clearing-house did not guarantee the depositors, and therefore the city treasurer will not repudiate the debt, although he will expect his successor to accept the receiver's certificate instead of the cash. Mr. Boggs will also probably secure the amount until the affairs of the bank are adjusted, which Receiver Stuart Rice imagines will take at least two years. In the Merchants' National case two or 07 perinbas eq Ajoa 1114 Tears e.our settle. In both cases, it is expected by Mr. Boggs and others, the defunct institutions will pay 100 cents on the dollar. In the case of the Washington National it is not unanimously anticipated that it will pay in full. If a receiver had not been the jo Augus sq befored SUM # 'pesujodds clearing house officers and members, it would have been able to settle dollar for dollar. Indeed, if a receiver had not been appointed, the depositors would probably have been gualanteed by the Clearing House Association. Tacoma taxpayers who have been watching and waiting for a move regarding the settlement ot the city's funds which have been tied up in the suspended banks, will be relieved on knowing that the city treasurer does not take the ground that he is not responsible for the amounts because no depository was named by the city council. Of course Mr. Boggs stated repeatedly when pressed for a statement showing where the city funds were deposited, that he and his bondsmen were responsible for the funds, and that inasmuch as no depository had been named he did not have to tell where the cash was kept. But such bluffs cut no figure when the legal merits of the case is under consideration. The city charter states plainly enough that the treasurer shall report where the funds are kept, notwithstanding the city attorney presented an opinion to the city council holding in substance with Mr. Boggs that it was none of the city's busi-op 01 = su Buot 08 'sseu positories. Years ago in San Francisco under almost similar circumstances, the city was defeated in a test case. According to the city attorney's decision, Mr. Boggs never exhibited the cash, although he subsequently reported such and such amounts in such and such banks, whereupon the POST-INTELLIGENCER showed that in one instance there was, including all cash on hand, less cash by 20 per cent. in one of the stated depositories than reported by Mr. Boggs. Warrants were carried as cash. Warrants drew 10 per cent. interest. Taxpayers pay the interest. Hereafter if the city treasurer's office is not run in the interest of the city, there will be objection which will continue until speculation in warrants at the taxpayer's

17. July 7, 1895 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, July 7, 1895

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A Broken Bank Turning Out Well. Washington City, July 6.-Special.Stuart Rice, receiver of the Washington National Bank of Tacoma, was in the city last week conferring with Comptroller Eckels regarding the affairs of that bank. He is now on his way home, and soon after his arrival will declare another dividend of 30. per cent., making a total of 60 per cent. already paid on preferred claims. It is believed this bank will pay out at least 90 per cent. on its deposits.