The Seattle star. [volume] (Seattle, Wash.) 1899-1947, 1901-04-19
Puget Sound National Bank.

The EnGudueHA ana worth OF
bank 20 a community. il usually
best ascertsined IN times OF financial
panic. Such a financial catastrophe
as visited the country IN lss2, for
cling the suspension OF hundreds of
banks and throwing thousands of
people into ruin. was a sad but fair
- accurate way OF determining by
a method OF subtraction the banks
that had been and would be deserv-
ing OF the confidence and support Of
business communities. The Puget
Sound National bank Of Seattle. now
generally recognized as one OF the
strongest financial institutions Of the
Pacific Slope. affords an interesting
case % a bank which proved tits
worth and justified confidence in 81.
AT this most critical period of late
history. Not only did this bank
Withstand the extraordinary pres
sure OF those times. without the
slightest damage TO itE solvency. but
IL actually doubled its capital when.
generally speaking. capital was new
er more timid and shy OF invest
ment, especially In banks. This. OF
course. was attributable to the az
csptional confidence that large capt.
talists felt in the nature OF the az
sets. character OF the business and
the management OF this bank.
with It's doubled capitalization the
bank was enabled to render great
assistance to Seattle during the try
ing days which followed. Many of
the leading business men OF Seattle
today were enabled to ward of per-
sonal ruin through the liberal but
judicious accommodation extended
hv this bank. Both as an able and
cautious trustee OF the funds OF it's
dcpnsitors. and as n discriminating
dispenser OF its credits, the bank has
thus far earned the cordial appreci-
alton Of the people Of Seattle. The
bank owes its present great prestige
largely TO the fidelity and keen
banking sense OF Mr.. Jacob Furth.
who founded Il in 1859. and has been
nt its head continuously ever since.
lie came from Colusa county, Call
forniR. I'm iSs2. and his success In Sc
attic has been most surprisingly
marked. In 1856 he organized the
First National bank Of Snohomish.
az which he IL still head. He has
become Interested In many import
ant enterprises. like the Vulcan Iron
Works and the Californian Land
and Stock Company. He was
prominently interested In several OF
the Seattle street railways previous
20 the recent consolidation, the sue
cessful financing OF which was due
largely 20 his efforts. Mr.. Furth
~ assisted in hts management OF the
Puget Sound National Bank by an
able board Of directors. including
such prominent citizens as j. s.
Goldsmith, II. V. Ankeny. +. X.
Strive and l.. S. Schwahacher. The
last statement OF the hank showed
- NNgfnaearxH saAt,Alatl..
nj the close Of business. Feb. 3. 1901:
Resources
Loans and discounts ....I .0is, o06 rs
l. s. bonds O.. .......... 1866. 040 90
other bonds and securi-
ties $50 ..s.s...,...s.s. t2S,6SS ~
Furniture and fixtures 1000 90
Premium on bonds ..... 29.32S g.
Due from banks and
cash -. 80. .....,.... l,3lS,SfI =
Redemption fund :. -. 1900 90
Toal -. :. .........ss.I7s.776 o.
Liabilities
Capital stock ...........s 10000 90
Surplus and undivided
prohts =. e. o. ..,..tt.. IS,0l6 ~
National bank notes -. 40. $50 90
Deposits =. =. ....,,..ts.. 2,SiO,409 90
Total e. =. e. ..,,..t..,S3. liS,IT6 0s
The Puget Sound Hank has con-
neCtions with some of the foremost
financial institutions Of the East,
among which may be mentioned the
National Bank OF the Republic. New
York. tho Commercial National
Bank. OF Chicago; the National
Shnwmut Bank. OF Boston: Mechan-
les Rank, Of 81. Louis; First Ma
tionnl Bank. OF st. Paul: Bank OF
Montreal. Canada, and Parr Bank.
Limited. Of London. England. The
bank with its usual progressive
spirit. made early arrangements for
business in connection with Alaska.
II established correspondence with
the Alaska Banking and Safe De-
posit Company. which at Cape Nome
fE,utg,,,.a -, 49,. ko,.N