First National Bank (Hoquiam, WA)

Episode Information

Episode UID
442701583
Episode Type
Suspension β†’ Closure
Bank Type
national
Bank ID
44270 national
Charter Number
4427
Start Date
November 6, 1931
Location
Hoquiam, Washington (46.981, -123.889)

Metadata

Model
gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
Short Digest
a9445efc09663de9

Response Measures

None

Receivership Details

Depositor recovery rate
57.8%
Date receivership started
1931-11-06
Date receivership terminated
1939-08-31
Share of assets assessed as good
31.1%
Share of assets assessed as doubtful
58.8%
Share of assets assessed as worthless
10.0%

Description

Known government receivership date (1931-11-06) differs from some newspaper references; using provided receivership date as authoritative.

Events (4)

1. October 1, 1890 Chartered
Source
historical_nic
2. November 6, 1931 Receivership
Source
historical_nic
3. November 6, 1931 Receivership
Newspaper Excerpt
H. W. Douglas, receiver for the First National bank of Aberdeen, has been appointed receiver also for the Olympia National bank... Appointment of a receiver for the First National bank at Hoquiam is pending and the same appointee for that receivership will act as receiver for the First National Willapa bank at Raymond.
Source
newspapers
4. November 19, 1931 Suspension
Cause
Bank Specific Adverse Info
Cause Details
Bank described as a failure with deposits tied up and bank closed, indicating insolvency leading to suspension.
Newspaper Excerpt
Hoquiam is taking its first bank failure with fortitude. Scores of merchants whose funds are tied up in the closed First National bank opened accounts in the Bank of Hoquiam
Source
newspapers

Newspaper Articles (3)

Article from White Bluffs Spokesman, November 19, 1931

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Article Text

Dorsey Mayor Walla announces that the free kitchen being operated for transients is proving successful. Men are given tickets for six meals and after these are had they are required to move elsewhere. While being fed they are required to work on city projects. Scores of the small streams of Cowlitz county will be closed to fishing next year under an order adopted by the county game commission, which has been forwarded to the state game authorities for approval. All streams and lakes in which fish were planted this year will be closed. Nine thousand boxes of cranberries, the total year's harvest, enriched the Grayland section of Grays harbor by $30,000 this fall. The last of the bogs were recently cleaned of the 1931 growth. Grayland growers have been concentrating on McFarland and late Howe types of berries. An organization to help prepare young people for happy and successful marriage has been formed at Tacoma to combat the divorce evil and to preserve the American home. The organization includes representatives of the Y. W. C. A., the Y. M. C. A. and the First Congregational church. A new hotel, to cost about $50,000 is planned to replace the old Moffitt's Springs hotel, which was burned a year ago near Stevenson. For many years the curative properties of the springs have been known and they have drawn a large patronage from many sections of the country. The Olympic loop highway, sections of which washed out last winter during heavy rains, is standing up well this season despite recent heavy downpours, according to state engineers. Rain last winter cost contractors and the state a huge sum in replacement of washed fills and bridges. The annual migration of the thousands of crickets that infest the bottomland around Centerville during the summer is taking place now. They are to be seen on all sides going to the higher lands. This migration has taken place for years and the populace is at a loss to explain this annual event. Bread at three loaves for 10 cents and potatoes 50 pounds for 25 cents were advertised at Spokane for Saturday specials recently. Dealers say these are the lowest prices for these commodities in many years. On the same list apples are as low as 10 cents a box and cabbage and squash at $1.25 per hundred. The state highway department's winter regulations covering load and speed limitations on the Stevens Pass and North Bank highways became effective November 10 and will remain in effect until March 10. The limitations went into effect on Snoqualmie Pass and Naches Pass highways November 1. Hoquiam is taking its first bank failure with fortitude. Scores of merchants whose funds are tied up in the closed First National bank opened accounts in the Bank of Hoquiam, and business was being continued as usual. Merchants generally were optimistic, while not attempting to minimize the seriousness of the situation. Montesano's new entrance parkway, which is expected to provide the town with one of the finest entrances in southwest Washington, is now complete as far as the initial plantings are concerned, according to L. F. Heuperman of the city park board. The parkway, 1200 feet long by 10 feet wide, is planted according to an elaborate plan. The Grays Harbor Plywood corporation announced through Vice-President E. W. Daniels of Hoquiam that it would operate three factories under its control steadily, paying no less than $3 a day for common labor. The plywood factory is to run six days a week and the American door plant and the Knox & Tombs plant will each operate four days a week. The dairy business in the Deep River territory of western Wahkiakum county is gradually increasing. Several new barns and residences have been built during the past summer. Farmers are busy clearing more land. The dairymen have just completed their annual task of weeding out their poor cows and are gradually replacing them


Article Text

Quota OLYMPIA, Feb. 3.β€”(Special)β€”Alfred William Leach post American Legion of Olympia has the largest paid up membership in excess of its 1932 quota of any post in Washington, State Commander Irwin H. Jones of Wenatchee revealed in a report received from him today by Ray Hays, commander of the local post. The Olympia post has a total of 46 paid up members above its quota of 400. The 4th district, of which Frank Cushman of Olympia is commander, won second place in the 1931 membership campaigns of the nine districts which comprise the Washington department of the Legion. Cushman's district has 77.2 per cent of its membership for all of last year. The 3d district, covering virtually the entire Olympic peninsula, won first place with 87.2 per cent of last year's membership. The 4th district now has 1,761 members out of its 1931 membership of 2,281. Building Permit A building permit authorizing construction of a new service station and apartment at the southwest corner of Legion way and Jefferson street was issud by the city engineer's office today to John Van Etten. The estimated cost of the project was $3,500. The structure is to be 45 by 20 feet in dimensions, with brick walls and shingled roof. Only local union men will be employed in construction of the station, Van Etten said. Razing of an old duplex house now standing on the site of the proposed structure will be started this week. Bank Receiver Named H. W. Douglas, receiver for the First National bank of Aberdeen, has been appointed receiver also for the Olympia National bank, Congressman Albert Johnson said in a telegram received here today. The appointment was made by the federal comptroller of currency at Washington, D. C. Appointment of a receiver for the First National bank at Hoquiam is pending and the same appointee for that receivership will act as receiver for the First National Willapa bank at Raymond. Authoritative sources of information in Olympia today revealed local bankers and business men held high hopes the receivership of the Olympia National will be only temporary and that liquidation of the bank will not be necessary. Reopening of the bank may be made possible by aid from the new reconstruction finance corporation, credit stabilization organization recommended by President Hoover and adopted by Congress to help thaw out frozen assets of financial institutions. Plan Club Party Members of the Olympiad club are to entertain their friends at a party in the Y. M. C. A. Friday night at 9 o'clock, Don Smith, president, announced today. Diversions of the evening will include games and dancing. The committee on arrangements is comprised of Fred Helsig, Gene Payne, Ernest Amburn, Joe Kieffer, Dan Cubberly and Earle Taylor.


Article Text

BROKER TO PAY Receiver $6,373 For Salmon, Rules Chancellor Jones. J. T. DeWitt, Knoxville broker, must pay J. H. Cole, receiver for the First National bank of Hoquiam, Wash., $6,373.46, the amount of a trade acceptance for a carload of salmon delivered here two years ago, but is entitled to recover damage for breach of condition in the shipment, Chancellor R. M. Jones held yesterday. The court found that the car of salmon was not of first quality and was not the quality of salmon purchased by DeWitt, but that he waived his right to rescind the contract by his actions after receipt of the salmon.