Article Text
Seattle Bank Failure. Seattle, Jan. 13.-The Seattle Savings bank closed today, liabilities $70,000, assets $104,000. It will not resume. The suspension was due to withdrawal of county funds by the newly elected treasurer.
Seattle Savings Bank (Seattle, WA)
Episode Information
- Episode UID
98210491165- Episode Type
- Suspension → Closure
- Bank Type
- savings
- Bank ID
-
9821049hash - Start Date
- January 13, 1897
- Location
- Seattle, Washington (47.606, -122.332)
Metadata
- Model
- gpt-5-mini (chosen from majority vote of a three-model LLM ensemble)
- Short Digest
10d2494e2c2e109f
Response Measures
None
Description
Closure followed immediate large withdrawal of county funds; receiver appointed and bank liquidated over subsequent years.
Events (5)
1.
January 13, 1897
Receivership
- Newspaper Excerpt
- Judge Monroe, on petition, appointed H. O. Shuey receiver of the institution.
- Source
- newspapers
2.
January 13, 1897
Suspension
- Cause
- Local Shock
- Cause Details
- Heavy withdrawals of county funds by newly installed county officers (loss of major deposits) precipitated suspension.
- Newspaper Excerpt
- The Seattle Savings Bank has closed its doors, owing to heavy withdrawals of county funds by newly installed officers Monday.
- Source
- newspapers
3.
August 21, 1898
Other
- Newspaper Excerpt
- H. O. Shuey, receiver of the Seattle Savings bank was yesterday given permission by Judge Moore ... to bring suits against all delinquent stockholders of the bank upon unpaid stock subscriptions.
- Source
- newspapers
4.
July 8, 1899
Other
- Newspaper Excerpt
- H. O. SHUEY, receiver of the Seattle Savings Bank, is paying 30 per cent dividend to creditors.
- Source
- newspapers
5.
October 4, 1901
Other
- Newspaper Excerpt
- All the assets of the bank have been converted into cash, and the receiver asks that his report be approved and that he be discharged.
- Source
- newspapers
Newspaper Articles (18)
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NOT PREPARED FOR A RUN. The Seattle Savings Bank Closes Its Doors. SEATTLE, Wash., January 13.-The Seattle Savings Bank has closed its doors, owing to heavy withdrawals of county funds by newly installed officers Monday. Judge Monroe, on petition, appointed H. O. Shuey receiver. The statement is made by bank officials that the affairs of the institution are in good shape, but not prepared for a run. The liabilities are $70,000 and the assets $104,000. The accounts among the latter regarded as first class are between $80,000 and $90,000. The institution will liquidate its obligations dollar for dollar.
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BANK FAILURE. A Seattle Savings Institution Closes Its Doors. SEATTLE, Jan.. 12.-The Seattle Savings Bank suspended to-day, posting the following notice: "This bank is closed by order of the directors. Depositors will be paid in full." The liabilities are $75,000; assets, $100,000. F. L. Fehren, Cashier, said there had been gradual withdrawals of deposits since the recent St. Paul and Chicago bank failures. The bank was established in 1891.
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DOLLAR FOR (DOLLAR. Seattele Savings Bank Officials Will Pay All Claims. Forced to Suspend by Withdrawal of County Funds by New Officers. SEATTLE, Wash.. Jan. 1.-The Seattle Savings Bank has closed its doors owing to the heavy withdrawals of county funds by newly installed officers. Judge Monroe, on petition, appointed H. O. Shuey, receiver. The statement is made by bank officials that the affairs of the institution are at present in good shape but that the institution was not prepared for a run. The liabilities are $70,000 and the assets $104,000. The accounts among the latter regarded as first class are between $80,000 and $90,000. The institution will liquidate its obligations dollar for dollar.
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BUSINESS EMBARRASSMENTS. Seattle, Wash., Jan. 13.-The Seattle Savings Bank failed to open Its doors yesterday. When the Superior Court convened. upon application of one of the directors, H. O. Shuey was appointed receiver of the institution. A notice posted on the door stated that depositors would be paid in full. This is regarded as altogether probable, as the liabilities are $70,000 and the assets over $150,000. Many of the deposits from this bank were withdrawn during the recent election excitement. As the deposits decreased the bank was compelled to dispose of Its large line of warrants in order to keep its cash up to the required reserve. This continued until Monday, when some of the large depositors drew out their money. The officers of the bank, realizing the precarious condition, called in a full Board of Directors, and they ordered the bank closed. It is understood that the direct cause of the bank closing is due to the attempted withdrawal of county funds on Monday by the retiring County Treasurer, as his successor requested that the amount due be paid in cash. Chicago, Jan. 13.-The Illinois and Wisconsin L mber Company made an assignment to-day to Charles B. Flynn. The company has lumber lands in many parts of Wisconsin. The assets are $100,000; Habilities about $60,000.
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SEATTLE SAVINGS BANK FAILS. A Great Deal of Money Had Been Withdrawn-Depositors to Be Paid in Full. SEATTLE, Wash., Jan. 13.-The Seattle Savings Bank failed to open its doors yesterday. When the Superior Court convened. upon application of one of the directors. H. O. Shuey was appointed receiver of the defunct institution. A notice posted on the door said that depositors would be paid in full. This is regarded as altogether probable. as the liabilities are $70,000 and the assets over $150,000. Many of the deposits in this bank were withdrawn during the recent election excitement. As the deposits decreased the bank was compelled to dispose of its large line of warrants in order to keep its cash up to the required reserve. This continued until Monday. when some of the large depositors drew out their money. The officers of the bank. realizing the precarious condition. called in the full Board of Directors, and they ordered the bank closed. It is understood that the direct cause of the bank closing is due to the attempted withdrawal of county funds on Monday by the retiring County Treasurer. as his successor requested that the amount due be paid in cash.
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SEATTLE BANK FAILS. Everything in Good Shape, But Only Temporarily Out of Funds. Seattle, Wash., Jan. 13.-The Seattle Savings Bank has closed its doors, owing to heavy withdrawals of county funds by newäly installed officers Monday. The statement is made by bank officials that the affairs of the institution are in good shape, but not prepared for a run. The institution will liquidate its obligations dollar for dollar.
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CLOSED THE BANK Withdrawal of County Funds Causes a Suspension at Seattle SEATTLE, Wash.. January 12.-The Seattle Savings Bank has closed. owing to heavy withdrawals of county funds by newly installed officers. Liabilities $70.the assets, $104,000.
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Seattle Bank Closes. SEATTLE, Wash., Jan. 13.-The Seat. tle Savings bank has closed its doors owing to heavy withdrawals of county funds by the newly installed officers on Monday. Judge Monroe, on petition, appointed H. O. Shurey receiver. The statement is made by bank officials that the affairs of the institution are in good shape, but not prepared for a run. Linbilities, $70,000, and assets, $104,000. The accounts among the latter are regarded as firstclass.
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A SEATTLE BANK CLOSES. As Usual "Depositors Will be Paid in Full" Seattle, Wash., Jan. 14.-The Seattle Savings bank has closed its doors owing to heavy withdrawals of county funds by newly installed officers on Monday. Judge Monroe, on petition, appointed H. O. Shuey receiver. The statement is made by bank officials that the affairs of the institution are in good shape, but not prepared for a run. The liabilities are $70,000 and the assets $104,000. The accounts among the latter regarded as first class are between $80,000 and $90,000. The institution will liquidate its obligations dollar for dollar.
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THE SEATTLE SAVINGS BANK FAILS. Withdrawals of County Funds Given as the Reason. Seattle, Wash., Jan. 12. - The Seattle Savings bank closed its doors today, owing to heavy withdrawals of county funds by newly installed officers Monday. Judge Monroe, on petition, appointed H. O. Shuey receiver.
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Seattle Bank Fails. Seattle. Wash., Jan. 13.-The Seattle Savings bank has closed its doors, owing to heavy withdrawals of county funds by newly installed officers Monday. Judge Monroe, on petition, appointed H. O. Shuey receiver. The statement is made by bank officials that the affairs of the institution are in good shape, but not prepared for D. run. The liabilities are $70,000 and the assets $104,000.
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Seattle Savings Bank Gone. Seattle, Wash., January 13.-The Seattle Savings Bank has closed its doors, owing to heavy withdrawals of county funds by newly installed municipal officers Monday. Judge Moore, on petition appointed H o Shuey receiver. The statement is made by bank officials that the affairs of the institution are in good shape, but not prepared for a run. The liabilities are $70,000, and the assets $104,000.
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Savings Bank Closes. Seattle, Wash., Jan. 14.-The Seattle savings bank has closed its doors owing to heavy withdrawals of county funds by newly-installed officers. Judge Monroe, on petition, appointed H. O. Shuey receiver. The statement is made by bank officials that the affairs of the institution are in good shape, but not prepared for a run. The liabilities are $70,000 and the assets $104,000. The institution will liquidate its obligations dollar for dollar.
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Stockholders Must Pay Up. H. O. Shuey, receiver of the Seattle SavInge bank was yesterday given permission by Judge Moore, of the superior court, to bring suits against all delinquent stock. holders of the bank upon unpaid stock subscriptions.
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H. O. SHUEY. receiver of the Seattle Savings Bank. is paying 3) per cent dividend to creditors.
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SUIT ON STOCK. H. 0. Shuey, receiver of the Seattle Savings bank. has filed a suit against George B. Adair and wife for $960. Some time ago the court instructed Mr. Shuey to levy an assessment of 48 per cent. on the stockholders to pay off the bank's indebtedness. Mr. Adair owned $2,000 worth of capital stock of the bank. but failed to pay his assessment when requested to do so.
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Receiver's Report H. R. Clise, receiver of the Seattle Savings bank, has filed a report, showing that since January 1, 1901, We has received $10,902.93, of which her has disbursed $5,692.60, leaving a balance on his hands of $5,210.33. All the assets of the bank have been converted Into cash, and the receiver asks that his report be approved and that he be discharged.