Fairhaven herald. [volume] (Fairhaven, Wash.) 1890-????, 1891-08-15
NEWS OF new WHATCOM
The Run on the First National
Bank of Whatcom Was
Short Lived
The Bank Met All Claims
Promptly and is Still in
Good Condition
Several Capitalists Guaranteed
Depositors Against All Pos
sible Losses

Before the doors of the First Ma
tional bank, of Whatcom, were thrown
open yesterday morning a big crowd
had collected In front OF the bank and
on the adjacent street corners. The
rumOrs which had been quietly but in
dustriously circulated for some time
past by malicious persons who, in
order to vent personal spite, endeav-
ored TO wreck reputable financial in
stitution, eliminated on Thursday af-
ternoon and a slight run resulted.
The officers of the bank, however,
had been apprised of the detrimental
rumOrs, and immediate steps were
taken to meet all demands which
might be made yesterday morning
when the bank opened.
Offers Of assistance were made by
other banks OF Bellingham bay, and
President c.. NJ. Atkins, Of the First
National, Immediately caused the
books to be written up To date and
each depOsitOr's account balanced, so
that no delay would be OccasiOned
when the bank opened Friday morning.
Substantial offers of assistance were
also received from business men and
capitalists of WhatcOm, who expressed
their entire confidence in the bank,
and were willing to back their opinions
with their property and money.
Yesterday morning, therefore, the
hank was i'm excellent shape and ready
to meet all demands.
The doors were opened, and the
crowd came in, some hurriedly, Others
took their time, and many amounts,
VARYING from $3.50 to several hun
dreds, were checked out. The follow
ing notice, posted on the paying
teller's window, was looked at and
read with interest, and IL convinced
many that their fears were groundlesS:
"After an examination Of the condi-
tion of the First National bank of
Whatcom, we believe it TO be entirely
sound and safe, and hereby guarantee
depositOrs against any loss.
EUGENE CANFIELD,
II. B. WILLIAMS,
G. NJ. WILLIAMS,
Aug. II. WILL ID. JENKINS.
This guarantee, representing at
least a million OF money or money
worth, did much to restore confidence.
Deposits came in as rapidly as money
was paid out, and when closing time
came only 81, 800 had been withdrawn,
while the deposits aggregated upwards
of s. 900.
The run had exhausted itself by II
O'Clock, and only the ordinary amount
OF business was transacted during the
remainder of the day. The attempt
to down the bank was an utter
failure, and the bank came through
what was more or less OF a trying
ordeal, with its credit unimpaired
and a knowledge that it had many
staunch friends who were not willing
to see a nefarious plot succeed in ruin
ing the pioneer bank of Whatcom
county.
President Atkins, in reply to an in
quiry as to the banks affairs, said
"We received more offers OF cash thar
we needed, and we have plenty to NEE
all present or future demands. Tn,
condition of the bank is excellent, al
is proved by its last statement and thu
report of those who have examined
into its affairs. The offers Of assist
ance which we received from th'
other banks Of Bellingham bay, a
well as by business men generally wer,
most gratifying. The FairhaveI
banks were especially prompt in offer
OF assistance. We have a good bal
ance on hand and no further trouble
is anticipated, but if there should b.
we are thoroughly prepared to NEE
it,"
1t is a very easy matter TO injure
banks standing during these qule
times, and those who, with mallc
prepense, do so are blackened criml
mails. Banks everywhere are carryin
the paper of business men, while thes
in turn are giving credit to their Gus
toners. A panic like this would b
far-reaching in its consequences, an
I would affect the entire community
: However, since all danger is over, tn
a bank management is to be cOngratt
: lated on the prompt, efficient and d.
. cisive steps taken to nip in the bu
:. anything pertaining to a panic, and
will be conceded that they have bee
eminently successful.