The Sudden Collapse of the Tacoma Savings Bank
A run on a local bank reveals the fragile economy of 1885 Tacoma as depositors rush to pull their funds before the doors shutter for good.
The story, cleaned up
A cleaned-up reading of the newspaper page: spelling and layout repaired, one story lifted off a crowded page. It follows the original closely but it is not a transcription. The original page is below; read it if a detail matters.
Yesterday morning the word went down the avenue that the doors of the Tacoma Savings Bank had been closed. It created little excitement, as the bank had not been doing a rushing business, and few of its depositors were extensive ones. Mr. C. H. Wilfley opened the bank with about $4,000 in cash in the vault. In a short time, Mr. Rowland, of Rowland & Purdy, came in and drew out $2,000. Others followed with smaller amounts until the fund was exhausted, when Mr. Wilfley sent for his attorney, Mr. R. E. Moore, and to him made an assignment for the benefit of the creditors. Both Mr. Wilfley and Mr. Moore are positive that with an extension of time, every depositor will be paid in full and the bank again opened for business. Mr. Wilfley stated that when the bank opened yesterday he had no fears of being able to pull through, and if the run had held off for a few days, he would have had capital from the East and would have been in a safe condition. Only one deposit was received yesterday, that from H. Hohenschild. After the break, Mr. Wilfley borrowed the money and returned it to Mr. Hohenschild. The Savings Bank was established in March 1884, by Mr. V. A. Wilson and Mr. Wilfley. Less than a month ago, Mr. Wilson withdrew from the concern. For some time, it has been considered somewhat frail, rumors to that effect causing a withdrawal of deposits. The present stringency in the money market has also had its share in causing the failure.
“It created little excitement, as the bank had not been doing a rushing business, and few of its depositors were extensive ones.”
Bank runs are rarely physical affairs in the era of digital banking, but the underlying anxiety—the 'fragile' trust in financial institutions during economic downturns—remains a staple of Pacific Northwest history. Much like the 1885 closure, modern concerns over regional housing affordability and credit availability reflect the same persistent, localized vulnerability to global market swings.
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