15915. United States Banking Company (Gervais, OR)

Bank Information

Episode Type
Run → Suspension → Closure
Bank Type
state
Start Date
January 21, 1893
Location
Gervais, Oregon (45.108, -122.898)

Metadata

Model
gpt-5-mini
Short Digest
855fac740927f855

Response Measures

None

Description

Multiple contemporary reports (Jan 24, 1893) state a run occurred (Saturday, Jan 21) and the United States Banking Company at Gervais suspended payment on Jan 24. Branch at Junction City also ran and closed. Sheriff attachments and statements about appointing a receiver and an assignment indicate the bank did not resume normal operations and was placed into receivership; a defaulting cashier (L. H. Reeves) was later arrested. Articles attribute the immediate trigger to rumors of unsafe condition. Bank is a small private banking company (no 'National' or 'State' in name) so classified as private.

Events (4)
1. January 21, 1893 Run
Cause
Rumor Or Misinformation
Cause Details
A rumor of the unsafe condition of the firm started on the streets Saturday noon and the run followed; merchants withdrew coin.
Measures
Cashier refused to open for business on Monday; all coin on hand was drawn out.
Newspaper Excerpt
There was a run made on the bank Saturday afternoon and all the money drawn out.
Source
newspapers
2. January 24, 1893 Suspension
Cause
Rumor Or Misinformation
Cause Details
Suspension followed a depositor run precipitated by street rumors about the bank's safety; cashier refused to resume business when crowd gathered.
Newspaper Excerpt
The United States Banking company suspended payment here yesterday.
Source
newspapers
3. January 26, 1893 Receivership
Newspaper Excerpt
A receiver will be appointed tomorrow to take charge of the affairs... L. H. Reeves, secretary of the corporation, is here, and will make an assignment of matters not settled in a few days. Five more attachments were served... upon the United States Banking Company's building and property at Gervais. (Jan 25-26 reports).
Source
newspapers
4. February 20, 1893 Other
Newspaper Excerpt
L H. Reeves, the defaulting cashier of the United States Banking Company, of Gervais, was arrested here tonight... the bank... was closed last month by a run of the depositors occasioned by rumors about its bad management.
Source
newspapers

Newspaper Articles (13)
1. January 25, 1893 The Helena Independent Helena, MT
Article from The Helena Independent, January 25, 1893

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WILL HE RETURN? The President Absent, the Bank Suspends. GERVAIS, Ore., Jan. 24.-The United States Banking company suspended payment here yesterday. There was a run made on the bank Saturday afternoon and all the money drawn out. The cashier refused to open for business yesterday. The company have three banks in the state, one at this place. another at Junction City. and a third at Sheridan, all small concerus. The Junction City branch had R run on it to-day and closed its doors. So far no run has been made on the Sheridan branch. President O. Nealdridge is now in Chicago. but is expected to return soon. There was about $12,000 on deposit here unpaid. Farmers are the principal losers. The entire capital of the three banks is less than $50,000. It is believed depositors will be paid in full when the president returns.

2. January 25, 1893 Deseret Evening News Salt Lake City, UT
Article from Deseret Evening News, January 25, 1893

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Banks Suspend. GERVAISE, Or., Jan. 24.-The United States banking company suspended payment here yesterday. There was a run made on the bank Saturday after noon and all the money drawn out and the cashier refused to open for business yesterday. The company have three banks in the state, one at this place, another at Junction City and a third at Sheridan. All are small concerns. The Junction City branch had a run on it today and closed its doors, but 80 far no run has been made on the Sheridan branch. President C. Nealridge is now in Chicago but 18 expected to return soon. There was about $12,000 ou deposit here unpaid and farmers are the principal losers. The entire capital of the banks was less than $50,000. It IS believed the depositors will be paid in full when the president returns.

3. January 25, 1893 St. Paul Daily Globe Saint Paul, MN
Article from St. Paul Daily Globe, January 25, 1893

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time give to the country a superbly equipped supreme court judge. BANKS' DOORS CLOSED. A Triple-Headed Oregon Concern Goes to the Wall. GERVAISE, Or., Jan. 24.-The United States Banking company suspended payment here yesterday. There was a run made on the bank Saturday afternoon and all the money was drawn out. The cashier refused to open for business yesterday. The company has three banks in the state-one at this place, one at Junction City and another at Sheridan, all small concerns. There was a run on the Junction City branch today. Its doors were closed. So far no run has been made on the Sheridan branch. President Baldridge is now in Chicago. but is expected to return soon. There was about $12,000 on deposit here unpaid. The farmer$ are the principal losers. The entire capital of the three banks is less than $50.000. It is believed the depositors will be paid in full when the president returns. LINCOLN, Neb. ,Jan. 24.-The state banking board today (closed the Dickinson State bank at Wahoo. W. L. Dickinson, the president and owner, is missing, but no especial effort will be made to learn his whereabouts. The bank was a small concern; deposits were small and it is not thought that any one will lose much.

4. January 25, 1893 The Morning Call San Francisco, CA
Article from The Morning Call, January 25, 1893

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RESULT OF A RUN. Failure of Two Banks in Oregon. ANOTHER ONE IN DANGER. Branches of the United States Banking Company at Gervais and Junction City in Trouble. Special to THE MORNING CALL, GERVAIS, Or., Jan. 21. 1 The United States Banking Company suspended payment here yesterday morning. There was a run on it Saturday afternoon and all the coin it had here was drawn out. At the time of opening the bank on Monday morning the cashier refused to resume business, owing to the fact that a large crowd had gathered about the building. The United States Banking Company has three banksone at Gervais (the main office), one at Junction City, Or., and one at Sheridan, Or. The Junction City branch had a run to-day and closed its doors as soon as all the funds were exhausted. So far no run has been made on the Sheridan branch. The president of the company is at present in Chicago and is expected to return immediately. Until his return there is no way of getting at the condition of affairs. There is between $10,000 and $12,000 on deposit in the Gervais branch unpaid, in amounts ranging from $1500 down to small sums. Most of the Gervais merchants drew out Saturdav, causing the run, and the farmers are yet unpaid. A rumor of the unsafe condition of the firm was started on the streets Saturday noon and the run followed. The depositors were not boisterous, and the majority firmly believe that upon the president's return things will be arranged satisfactorily to all creditors. This afternoon all the company's property in Gervais was attached by Sheriff Knight for claims aggregating $2500. Oo account of the absence of the president the stockholders are unable to make any statements. but a meeting will be called here immediately on his return. All three banks are small concerns.

5. January 25, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, January 25, 1893

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FAILURES IN OREGON. Astoria Merchants and Three Country Banks in Distress. SAWMILL MAN HORRIBLY CUT. Falsely Accused Express Agents Push. ing the Case Against Sullivan-Religion in British Columbia Schools. ASTORIA, Or., Jan. 24.-A receiver will be appointed tomorrow to take charge of the affairs of Parker & Hanson, general merchandise dealers, who failed yesterday. It is impossible to obtain a statement of the affairs of the firm, but it is thought the liabilities will exceed $40,000. Murphy, Grant & Co., of San Francisco, are the heaviest creditors. The firm have been doing a heavy credit business, and many of the accounts are bad. GERVAIS, Or., Jan. 24.-The United States Banking Company suspended payment here yesterday morning. There was a run made on them Saturday afternoon. and all the coin they had here was drawn out. At the time of the opening of the bank on Monday morning the cashier refused to resunre business, owing to the fact that s large crowd had gathered about the building. The United States Banking Company has three banks, one at Gervais, the main office, one at Junction City. Or., and one at Sheridan, Or. The Junction City branch had a run today and also closed the doors as soon as the funds were exhausted. So far no run has been made on the Sheridan branch. The president of the company, C. Baldridge, is at present in Chicago, and is expected to return immediately. Until his return there is no way of getting at the condition of affairs. There is between $10,000 and $12,000 on deposit in the Gervais branch unpaid, in amounts ranging from $1,500 down to small amounts. Most of the Gervais merchants drew out Saturday, causing a run, and the farmers are yet unpaid. A rumor of the unsafe condition of the firm was started on the streets Saturday noon, and a run was made. The depositors are not boisterous, and the majority believe that upon the president's return things will be made satisfactory to ali the creditors. This alternoon all their property in Gervais was attached by Sheriff Knight on claims aggregating $2,500. On account of the absence of the president the stockholders are unable to make any statements, but a meeting will be called here immediately on his return. All three banks are small concerns.

6. January 25, 1893 The Salt Lake Herald Salt Lake City, UT
Article from The Salt Lake Herald, January 25, 1893

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Article Text

TWO BANKS SUSPEND. The United States Banking Company Closes Its Doors in Oregon Towns. GERVAISE, Or., Jan. 24.-The United States Banking company suspended payment here yesterday. There was a run made on the bank Saturday afternoon and all the money drawn out and the cashier refused to open for business yesterday. The company have three banks in the state, one at this place, another at Junction City and a third at Sheridan. All are small concerns. The Junction City branch had a run on it today and closed its doors, but so far no run has been made on the Sheridan branch. President C. Nealdridge is now in Chicago but is expected to return soon. There was about $12,000 on deposit here unpaid and farmers are the principal losers. The entire capital of the banks was less than $50,000. It is believed the depositors will be paid in full when the president returns.

7. January 26, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, January 26, 1893

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The Oregon Bank Failure. SHEBIDAN, Or., Jan. 25.-Upon receipt of news that the United States Banking Company, of Gervais, had suspended, the branch here closed its doors and refused to pay any further draits. There is from $3,000 to $5,000 in the bank here, and enough securities to meet the amount of liabilities, which are estimated at $20,000. L. H. Reeves, secretary of the corporation, is here, and will make an assignment of matters not settled in a few days. SALEM, Or., Jan. 25.-Five more attachments were served today upon the United States Bank. ing Company's building and property at Gervais. The aggregate of these five claims is $b,000, and more are in process of law.

8. January 27, 1893 Evening Star Washington, DC
Article from Evening Star, January 27, 1893

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The United States Banking Company at Gervais, Ore., with branches at Junction City and Sheridan, in the same state, has suspended. Farmers are the principal losers.

9. January 28, 1893 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, January 28, 1893

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STRAY SPARKS Blaine is undoubtedly sinking rapidly The funeral of the late Justice Lamar will take place Friday afternoon. It is decided that interment, temporarily at least, will be in Riverside cemetary The United States Banking company, of Gerwals, Ore., suspended payment yesterday. Republican United States senators, in caucus yesterday afternoon decided by a majority vote to take' favorable action upon the admission of the territories of Oklahoma, Utah and New Mexico, but left Arizona out in the cold. A dispatch from Buda Pesth says a passenger and cattle train collided near Grau yesterday and three persons killed instantly and twelve fatally injured. There was no decided . advantage gained by either Sunday openers or Sunday closers before the house committee on the world's fair. Faulkner and J. N. Canden were elected U. S. senators from West Virginia. Misses Mary Ryan and Mary Splain were killed and two other women inured by an Erie train coliding with their sleigh. Gustav Wallaeger has arrived in Washington with the retarns of the presidential election in the Wisconsin electoral college. A London dispatch says that James Watson, the celebrated horse breeder, is dead. A La Salle north bound passenger train was thrown from the track near Dixon, Ills., and many were severely injured. R. J. Burgess, of Portland, Me., will die. Martin A. Ryerson yesterday presented Chicago university with $100,000 for organization and equipment purposes on condition that the university raises $400,000 for the same end by May 1, 1893. Articles of agreement were yesterday signed for two matches at billiards between George Slosson and Jacob Schaefer. The matches are for $1,000 a side for each match and no receipts over and above all expenses. The first match is to be a 14-inch balk line game, three night play of 500 points each to be played in New York City on the evenings of April 25. 26 and 27, 1893. The second mach is to be at cushion carom one night play of 400 points and to be played at Chicago on the evening of May 18, 1893.

10. February 2, 1893 Wood County Reporter Wisconsin Rapids, WI
Article from Wood County Reporter, February 2, 1893

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battle-ship Iowa and of the cruiser Brooklyn to the Carbon Steel company of Pittsburg. This included the nickel protective armored deck. The United States cruiser, Philadelphia, sailed on the 24th from New York for Port Royal, S. C., having on board the members of the board that will superintend the trial of the dynamite guns on the dynamite cruiser Vesuvius. The Indiana Humane society through Gen. Coburn has decided to appeal to the legislature for broader powers. At the annual meeting just held D. W. Coffin was made president; Mrs Eliza Hendricks, vice-president; W. H. Robson, secretary; and David E Snyder, treasurer. R. A. Knight, receiver of the order of the Iron Hall, has collected from seventy branches of the order in Massachusetts about $160,000. There are eighty more branches to be heard from, and the receiver expects to collect over $275,000. The United States Banking company, of Gerwals, Ore., suspended payment yesterday. The exodus of southern negroes to Oklahoma continues. Twenty families passed through Denison, Texas, on the 25th bound for the Cherokee strip. C. H. Goodrich, who has just resigned as assistant general freight agent of the New York and New England railroad, : will, it is said, accept a similar position 1 with the Reading. hTe Bruner and Acker Milling company of Seymour, Ind., has brought a damage suit for $7,475 against G. F Harlow for entering into the milling 1 business when, it is alleged, he made a . contract to keep out. An east-bound passenger train collided - with a west-bound switch engine on the - Terre Haut and Indianapolis railroad ; near Brazil, Ind., on the 24th. No one was injured. : A man with half a dozen or more - wives is under arrest in Cincinnati, O., charged with conducting swindling op- erations through the mails. The dismantled and diserted hull of $ the Norwegian bark Star of India has been sighted. Her crew of thirty-seven - were undoubtedly lost. The United States Supreme Court on - the 24th sutained the award of the Court of Claims to Smithmeyer & Pels, the architects who designed the Con: gressional library building, of $48,000 in : their suit against the United States. The infant daughter of Jonas Christo- phel, of Goshen, Ind., pulled a kettle ! of boiling water over upon itself on the : 25th and was scalded to death. Indian Commissioner Morgan has gone 1 to Chicago to buy in open market 300,, 000 pounds of bacon for issue to West: ern tribes of Indians under treaty stipulations. The scheme for building the Winona, - Marshalltown & Southern railroad is : booming. A survey will be commenced February 1. : Won Chin Foo, representing the Chi1 nese Equal Right league of New York . City, appeared before the house com- mittee on foreign affairs yesterday and , advocated the repeal of the Geary Chi: nese exclusion act. He urged the pasi sage of the Andrew bill which leaves , L the law as it was ten years ago. S At St. Paul the mercury dropped from 35 to 40 degrees in the past 3 twenty-four hours and tonight registered ) 14 below. Duluth reports the same, as : do the Dakotas and Montana. Nearly 200 women were present at : the annual meeting of the Illinois e Women's Press association held at the Palmer house last evening. The Illinois supreme court has ren1 dered a decision that women can vote at school elections. Last spring Mar- tha E. Plummer and May M. Moss dea feated Oscar O. Yost and Otto Wallace by the aid of the votes of 293 women The county court decided against the women, appeal the , but on supreme e court reversed the lower court.

11. February 2, 1893 Iuka Reporter Iuka, MS
Article from Iuka Reporter, February 2, 1893

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A Bank Suspends. The United States banking company suspended payment at Gervaise, Ore, Tuesday. There was a run on the bank Saturday afternoon and all the money drawn out. The cashier refused to open for business Monday. The company has three banks in the state-one at Gervaise, one at Junction City and another at Sheridan-All small concerns. There was a run on the Junction City branch Tuesday. Its doors were closed. So far no run has been made on the Sheridian branch. President Baldride is in Chicago, but is expected to return soon

12. February 4, 1893 Mineral Point Tribune Mineral Point, WI
Article from Mineral Point Tribune, February 4, 1893

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The action for a receiver of the North Star Construction company, in which the Duluth and Winnipeg railroad is involved, has been settled and dismissed at St. Paul, Minn. The Cramp Ship-Building and Engine tempany of Philadelphia has awarded the contract for all the steel of the new battle-ship Iowa and of the cruiser Brooklyn to the Carbon Steel company of Pittsburg. This included the nickel protective aymored deck. The United States cruiser, Philadelphia, sailed on the 24th from New York for Port Royal, S. C., having on board the members of the board that will superintend the trial of the dynamite guns on the dynamite cruiser Vesuvius. The Indiana Humane society through Gen. Coburn has decided to appeal to for At just the the annual legislature meeting broader held D. powers. W. Coffin Mrs HendW. was ricks, made vice-president; president; Eliza H. treasur- Robson, secretary; and David E Snyder, er. A. Knight, receiver of the order of has collected the It Iron Hall, in from Massachu- seventy branches of the order $160,000. are to be heard setts more about branches There from, eighty and the receiver expects to collect over $275,000. The United States Banking company, of Gerwals, Ore., suspended payment yesterday. The exodus of southern negroes to continues. families Denison, Oklahoma passed through Twenty Texas, on the 25th bound for the Cherokee strip. C. H Goodrich, who has just resigned as assistant general freight agent of the New York and New England railroad. will, it is said, accept a similar position with the Reading. hTe Bruner and Acker Milling compaInd., a suit for $7,475 damage ny of Seymour, has against brought G. F Harlow for entering into the milling business when, it is alleged, he made a contract to keep out. An east-bound passenger train collided switch engine on the and Terre with a Haut west-bound Indianapolis railroad near Brazil, Ind., on the 24th. No one was injured. A man with half a dozen or more wives is under arrest in Cincinnati, O., charged with conducting swindling operations through the mails. The dismantled and diserted hull of the Norwegian bark Star of India has been sighted. Her crew of thirty-seven were undoubtedly lost. The United States Supreme Court on the Court of Claims to the 24th sutained Smithmeyer award & of Pels, the who designed the Conbuilding, in gressional the architects library of $48,000 States. their the United of The suit infant against daughter Jonas Christoof Goshen, Ind., a water over upon of phel, boiling pulled itself on kettle the 25th and was scalded to death. Indian Commissioner Morgan has gone to buy in open market 300,of bacon for 000 to Chicago pounds issue to Western tribes of Indians under treaty stipulations. The scheme for building the Winona, Marshalltown & Southern railroad is booming A survey will be commenced February 1. Won Chin Foo. representing the ChiRight league of before nese City, Equal appeared the house New York comon foreign affairs and the repeal of advocated mittee the yesterday Geary Chinese exclusion act. He urged the passage of the Andrew bill which leaves the law as it was ten years ago. At St. Paul the mercury dropped to 40 degrees in the past hours and from twenty-four 35 tonight the registered same, 14 below. Duluth reports as do the Dakotas and Montana. The Illinois supreme court has rendered a decision that women can vote at school elections. Last spring MarPlummer and May tha E. M. Moss Wallace defeated Oscar O. Yost and Otto the aid of the votes women court decided the The by county of 293 against women, but on appeal the supreme court reversed the lower court

13. February 21, 1893 The Seattle Post-Intelligencer Seattle, WA
Article from The Seattle Post-Intelligencer, February 21, 1893

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Defanlter Reeves, of Gervais, Arrested. PORTLAND, Feb. 20.-[Special.]-L H. Reeves, the defaulting cashier of the United States Banking Company, of Gervais, was arrested here tonight by city detectives. The banking company, which had branches at Junction City and Sheridan, Or., was a small concern and was closed last month by a run of the depositors occasioned by rumors about its bad management. -Some of the officers of the bank were suspected of crooked work and a look out had been kept for Reeves. The amount of his defalcation is not known.