Article Text
Suspended Temporarily. NEW WHATCOM, Wash., July 29.-The Puget Sound Loan, Trust and Bank company suspended temporatily today. Liabilities, $50,000; assets, $200,000.
Puget Sound Loan Trust & Banking Company (Bellingham, WA)
Episode Information
- Episode UID
4121974591123- Episode Type
- Run → Suspension → Closure
- Bank Type
- state
- Bank ID
-
412197459hash - Start Date
- July 29, 1893
- Location
- Bellingham, Washington (48.760, -122.488)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
2856ddfa8d1eadc9
Response Measures
None
Description
Bank suspended in July 1893 after heavy withdrawals, reopened in Nov 1894, then suspended again Nov 1895 and did not resume; receiver handled asset disposition through 1900.
Events (7)
1.
July 29, 1893
Run
- Cause
- Bank Specific Adverse Info
- Cause Details
- Constant withdrawals driven by inability to realize on securities and liquidity problems.
- Newspaper Excerpt
- Owing to constant withdrawals of deposits and inability to realize on securities, this bank has suspended temporarily.
- Source
- newspapers
2.
July 29, 1893
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Suspended due to constant withdrawals and inability to realize on securities.
- Newspaper Excerpt
- this bank has suspended temporarily. (notice posted on doors)
- Source
- newspapers
3.
November 1, 1894*
Reopening
- Newspaper Excerpt
- Article states bank 'resumed the following year' and 'reorganized in November, 1894.'
- Source
- newspapers
4.
November 23, 1895
Suspension
- Cause
- Bank Specific Adverse Info
- Cause Details
- Heavy withdrawals and inability to meet obligations (unable to meet a dividend on adjustment of prior suspension).
- Newspaper Excerpt
- The Puget Sound Loan, Trust and Banking company failed to open its doors ... posted a notice of suspension yesterday ... failure is due to heavy withdrawals.
- Source
- newspapers
5.
October 21, 1896
Other
- Newspaper Excerpt
- Arrest of former bookkeeper W. A. Langdon on charge of embezzlement after expert examination revealed irregularities in the bank's books.
- Source
- newspapers
6.
March 19, 1900
Receivership
- Newspaper Excerpt
- Announcement of sale of all assets by J. B. Bennett, As Receiver ... sale to begin March 19, 1900.
- Source
- newspapers
7.
*
Receivership
- Newspaper Excerpt
- References to Receiver Richards taking charge after suspension and later resignation; J. B. Bennett named receiver in later notices (legal sale). (dates in Dec 1893 onward).
- Source
- newspapers
Newspaper Articles (23)
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Article Text
PUGET SOUND FAILURE, NEW WHATCOM, Wash., July 29.The Puget Loan, Trust and Banking company, owing to constant withdrawals of deposits and inability to realize on securities, has suspended temporarily. It was capitalized at $125,000. Liabilitles $50,000; assets $200,000.
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New Whatcom Bank Closes. NEW WHATCOM, Wash., July 29.This morning the following notice was posted on the doors of the Puget Sound Loan. Trust and Banking company: "Owing to constant withdrawals of deposits and inability to realize on securities, this bank has suspended temporarily." It was capitalized at $125,000. Liabilities are $50,000; assets, $200,000.
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A Loan and Trust Bank Suspends. NEW WHATCOM. Wash.. July 30.-The following notice was posted yesterday on the doors of the Puget Sound Loan. Trust and Banking Company: "Owing to constant withdrawals of deposits and inability to realize on securities, this bank has suspended temporarily." It was capitalized at $125,000; liabilities $50,000; assets, $200,000.
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CLOSED TEMPORARILY. New Whatcom, Wash., July 31.-The following notice was posted on the doors of the Puget Sound Loan, Trust and Banking company: "Owing to constant withdrawals of deposits and inability to realize on securities this bank has suspended temporarily." It was capitalized at $125,000. Liabilities are $50,000; assets, $200,000.
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CLOSED TEMPORARILY. New Whatcom, Wash., July 31.-The following notice was posted on the doors of the Puget Sound Loan, Trust and Banking company: "Owing to constant withdrawals of deposits and inability to realize on securities this bank has suspended temporarily." It was capitalized at $125,000. Liabilities are $50,000; assets, $200,000.
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Whatcom County's Indebtedness. WHATCOM, Nov. 25.-{Special.]-The pubHsher of the Little Joker, who was most rampant & few weeks ago about the publiestion in the POST-INTELLIGENCER of a simple statement of public indebtedness in in this county, is now using in his paper the same figures as to municipal indebtedbess, the worse and much the greater part of the whole, as an argument for reform and economy in the administration of city affairs. And he isn't extremely particular as to accuracy in his comments, as is evidenced by his statement that outstanding warrants of the old towns to the amount $7,459, payable from a fund of $21,866.77 deposited in the Puget Sound bank for that purpose soon after their floating debt was funded prior to consolidation, are still drawing interest, while the city is also paying interest on the bonds issued for their redemption. Interest was stopped in the usual way when the warrants were called in over a year ago, and every warNot the that was presented up to the time of suspension of the bank, about five months ago, was paid. There is still a balance of $7,459 outstanding. and the city has à credit in the suspended bank for that amount. It was not, however, regarded by the bank officers as a special deposit, and is not 80 considered by the receiver, who datly refuses to admit the claim that creditor. the city should be regarded as a preferred
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ROTTEN BANK, GOOD RECEIVER. #tockholders Borrowed $100,000 From Puget Sound Loan Company. WHATCOM. Dec. 18. - [Special.]-The hearing of the petition for the removal of Bank Receiver Richards, of the Puget Sound Loan, Trust and Banking Company, was concluded this afternoon and the argument of the counsel is being heard at an evening session of court. No evidence was introduced in support of the allegation in the supplementary petition that the receiver had represented himself as having been assured by Judge Winn that the petitioners could not succeed in their attempt to secure his (the receiver's) removal. The testimony today showed that a majority of the stockholders are indebted to the bank and that the aggregate of such indeptedness is nearly $100,000. It pears that about $1,700 is represented in the application for the receiver's removal, and that since he assumed charge the habilities have been reduced $17,000 and new occurity to the amount of about $25,000 obtained. The general opinion seems to be that the petitioners have not made out a good case against the receiver, but that they have succeeded in making out a very bad showing for the bank.
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Receiver Richards Resigns. WHATCOM, Dec. 28.-[Special.]-Hon, Frank H. Richards has tendered bis resignation as receiver of the Puget Sound Loan, Trust and Banking Company, and his report will be presented to the court Saturday. Hon. George A. Black, of Fairhaven, has been appointed to succeed him.
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Whatcom's Broken Bank. WHATCOM, Jan. 10.-[Special.]-In his final report to the court as receiver of the Puget Sound Loan, Trust and Banking Company, Frank H. Richards expresses the opinion that "there can be no question that ultimately all of the creditors will receive their claims in full, with interest, but undoubtedly a pesiod of at least two years will elapse before such a result can be reached, owing to the nature of the seeurities held by the bank and the general depression of business." He recommends that "an assessment be immediately levied upon the stock of the corporation for the benefit of the creditors," as it seems to him that it "would be more consonant with justice and equity that the stockholders should bear the burden, if any there should be, of waiting until such securities are realized upon, rather than that such burden should be borne by parties who have in good faith deposited money or have become creditors of this institution." This opinion, bowever, is not held by the the new receiver, George A. Black, who argues that those of the stockholders who could pay an assessment have already paid for their stock, and that nothing could reasonably be expected now from those who have never paid anything. He might have added that the bulk of the bank's assets is in bills receivable due from the stockholders, and it these are paid the bank's obligations can be settled without invoking the provisions of the law relating to assessments.
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A Broken Bank Sues Debtors. WHATCOM, April 20. - [Special] - Receiver Black, of the Puget Sound Loan, Trust and Banking Company. has brought suit against J. W. Morgan, one of the directors and also president of the Bellingham Bay National bank, for the collection of personal promissory notes of about $6,000, and has also sued C. W. Carter, vice president of the Bellingham Bay National bank, for $1,000. The receiver says these gentlemen are having a petition circulated asking the court to remove him or at least reduce the expenses of the receivership, which he says are about $300 per month.
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Trying to Open a Whatoom Bank. WHATCOM, May 13.-[Special]-The directors of the Puget Sound Loan, Trust and Banking Company have empowered Cashier Patch, who is Receiver Black's assistant, to conduct negotiations with capitalists with a view to securing funds if possible with which to pay off the most pressing claims and reopen the bank. The argument of the city upon its claim that it is a preferred creditor for about $7,000 was heard by Judge Winn this week, and will be passed upon in a day or two. The former receiver told the POST-INTELLIGENCER correspondent that the city's claim was not a preferred one and would not be so considered by him, and his successor takes the same view of it.
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PUGET SOUND FAILURE. Loan, Trust and Banking Company Closed Its Doors This Morning. New Whatcom, "Wash., Nov. 23.-The Puget Sound Loan, Trust and Banking Company failed to open its doors yesterday, pursuant to a vote of the directors. Inability to meet the next dividend due on an adjustment of its former suspension is given as the reason. The total liabilities are about $61,000, with as* sets which will in time pay in full. The company suspended first in July, 1893, and reorganized in November, 1894, arranging for time on its largest obligations.
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. Banking Company Suspends. NEW WHATCOM, Wash.. Nov. 23.-The Puget Sound Loan, Trust and Banking company posted a notice of suspension yesterday. The total liabilities are $58,000; nominal assets, $176,000. The failure is due to heavy withdrawals.
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A Bank Suspends. New Whatcom, Wash., Nov. 24-The Puget Sound Loan, Trust and Banking company posted a notice of suspension to-day. The total liabilities are $58,000; nominal assets. $176.000.
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Court Notes. The case of C. Planco vs. Joseph Planco has been set on Judge Humes' calendar for April 3. Marriage licenses were issued yesterday for Archie L. Heath and Agnes Windblad, both of Port Blakeley; William Eugene Hottes and Wilhelmina K. Schiegel, both of Fremont: Freeman L. Gardner, of Seattle, and Mary George, of Inglewood, Wash. Eugene Terwillager was arraigned in Judge Humes' court yesterday under an information charging a misdemeanor in having beat a pupil about the face and head. He was given till tomorrow to plead and released on his own recognizance for $100. Judgments were signed in the superior court yesterday in the following cases: R. E. Smythe, as treasurer, VS. A. W. Pratt et al., $1,364.48; W. H. Colbert vs. Maria Scullin et al., $1,188.90; MacDougall & Southwick Company vs. William A. Harrington et al., $992.86. The Bank of California yesterday filed in the Federal court a foreclosure suit against the Puget Sound Loan, Trust and Banking Company, and J. B. Bennett as receiver, for an $8,000 promissory note secured by mortgage on the company's New Whatcom property. Eugene L. Moore, charged with attempting to burglarize Peter Hillen's umbrella store at 230 Pike street February 25, was arraigned in the criminal court yesterday and entered a plea of not guilty. An attempt to pick a flaw in the information against him was unsuccessful. In the superior court yesterday Jacob Furth, receiver of Mosher & McDonald, reported that the accounts of his predecessor, S. P. Flynn, were correct. An order was signed by Judge Langley that Receiver Furth pay the Bank of British Columbia $1,000 on a claim for $3,000.
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BANK IRREGULARITIES New Whatcom, October 21.-On evidence revealed by expert examination of the books of the Puget Sound Loan. Trust and Banking Co., which suspended in 1893, resumed the following year and again suspended a few months ago, W. A. Langdon, formerly book-keeper of the bank, was arrested today at Moscow, Idaho, on a charge of embezzlement. He went to Moscow a few days ago from Walla Walla. The experts report, filed with the clerk of the court, but not made public, is said to show astonishing irregularities reflecting seriously on certain former officials of the institution.
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Charged With Embezlement New Whatcom, Wash, Oct. 21-On the evidence revealed by an expert examination of the books of the Puget Sound Loan Trust and Banking compnny, which suspended in 1893, resumed the following year and again suspended a few months ago, Will A. Langdon, former book-keeper of the bank, was arrested today at Moscow, Ida., on a charge of embezzlement. He went here a few days ago from Walla Walla, where his parents reside. Requisition papers will be sent to the governor to. morrow, unless Langdon will return to this state without that formality.
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Charged With Emb zzlement: New Whatcom, Wash,, Oct. 21.-On the evidence revealed by an expert examination of the books of the Puget Sound Loan Trust and Banking compnny, which suspended in 1893, resumed the following year and again suspended a few months ago, Will A. Langdon, former book-keeper of the bank, was arrested today at Moscow, Ida., on a charge of embezzlement. He went here a few days ago from Walla Walla, where his parents reside. Requisition papers will be sent to the governor tomorrow, unless Langdon will return to this state without that formality.
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CHARGED WITH EMBEZZLEMENT Arrest of the Former Bookkeeper of a Trust Company. NEW WHATCOM (Wash.), Oct. 22.On the basis of information brought out by an examination of the books of the Puget Sound Loan Trust and Banking Company that suspended during the panic of 1893, resumed the following year and again suspended a few months ago, Will A. Langdon, formerly the bookkeeper of the bank, was arrested to-day in Moscow, Idaho, charged with embezzlement. He went to Moscow a few days ago
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Charged With Embezzlement New Whatcom, Wash, Oct. 21.-On the evidence revealed by an expert ex. amination of the books of the Puget Sound Loan Trust and Banking com. pnny, which suspended In 1893, resumed the following year and again suspended a few months ago, Will A. Langdon, former book-keeper of the bank, was arrested today at Moscow, Ida., on a charge of embezzlement. He went here a few days ago from Walla Walla, where his parents reside. Requisition papers will be sent to the governor to. morrow, unless Langdon will return to this state without that formality.
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Charged With Embezzlement New Whatcom, Wash., Oct. 21.-On the evidence revealed by an expert examination of the books of the Puget Sound Loan Trust and Banking 'compnny, which suspended in 1893, resumed the following year and again suspended a few months ago, Will A. Langdon, former book-keeper of the bank, was arrested today at Moscow, Ida., on a charge of embezzlement. He went here a few days ago from Walla Walla, where his parents reside. Requisition papers will be sent to the governor to. morrow, unless Langdon will return to this state without that formality.
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LEGAL NOTICES-Continued. of December, A. D. 1899, in cause No. 448, wherein Chas. W. Roberts is plaintiff and the Puget Sound Loan, Trust & Banking Company is defendant, authorizing and directing me so to do, I will offer at private sale at my office, No. 1462 Holly street, in the City of New Whatcom, Washington, until the 19th day of March, A. D. 1900, all of the assets of the said Puget Sound Loan, Trust & Banking Company, in said order described, and such of the said assets as are not sold within said time will be sold at public auction to the highest bidder on the 19th day of March, A. D. 1900, at the office of Messrs. Kershaw & Eldridge, in the building known as the Bellingham Bay National Bank block, in the city of New Whatcom, Washington. Said sale beginning at the hour of 10 o'clock in the forenoon of said day, and continuing from day to day at the same place until all of said assets are disposed of. A full and complete schedule of the assets of the said bank to be sold will be furnished by the undersigned on demand. J. B. BENNETT, As Receiver of the Puget Sound Loan, Trust & Banking Company.