18280. Bank of Albany (Albany, OR)

Bank Information

Episode Type
Suspension → Reopening
Bank Type
state
Start Date
June 19, 1893
Location
Albany, Oregon (44.637, -123.106)

Metadata

Model
gpt-5-mini
Short Digest
0d9e555e

Response Measures

None

Description

Contemporary articles describe the 'Linn County bank' of Albany suspending on June 19, 1893; the supplied bank name is 'Bank of Albany' — articles refer to Linn County Bank and Bank of Oregon both closing. I treat the episode as the Albany Linn County bank (Bank of Albany) suspending payment due to stringency in the money market and a dishonored draft; there is no mention of permanent failure or receivership and depositors are to be paid, so classified as a suspension with eventual reopening/settlement. Significant detail: immediate trigger mentioned was dishonoring of a $16,000 draft by the Salem bank; overall problem described as money-market stringency and steady withdrawals.

Events (1)

1. June 19, 1893 Suspension
Cause
Correspondent
Cause Details
Articles state suspensions were caused by steady withdrawals amid stringency in the money market; immediate precipitant for the Linn County bank was the dishonoring of a $16,000 draft presented for state taxes (draft not honored at the Salem bank). Directors then decided to suspend rather than supply the funds themselves; merchants offered to take bank paper at par and a wealthy director offered to guarantee depositors. No receivership or permanent closure is reported; depositors to be paid in full on realization of securities or by personal guarantee.
Newspaper Excerpt
owing to the stringency in the money market the bank suspends payment by order of the board of directors. The depositors will be paid dollar for dollar.
Source
newspapers

Newspaper Articles (7)

Article from The Wichita Daily Eagle, June 20, 1893

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Article Text

The Colichita Daily Eayle: Tuesday Morning, June 20, 1893. FAILURES. IF YOU FEEL DROWSY, WILMINGTON, N. J., e 19.-The Bank dull, inexpressibly HUMBUG tired or debilitated, of New Hanover suspended this morning. have loss of appeThe assets are estimated at $1,250,000 and With their humburgery and preteuded marking down of stock. none o tite, furred tongue, our would-be competitors have yet got down to our regular prices; nor will the liabilities at $800,000. frequent headaches they be able to do so. Our expenses in doing business is less than one-third NEW YORK, June 19.-Justice Lawrence with or without of any other clothing house in the city, Look here, we sell of the supreme court has appointed Henry dizziness, chilly Children's Knee Pan's at 20c. J. Braker receiver for the Cassell Publishsensations, and OCChildren's Jacket and Paut Suits at $1.75. worth $2.50, ing company, in an action brought by H. casional nausea Children's Shirt Waists at 15c, 25c. and 50c. S. Archer, a director, and formerly vice then you are bilOur stock of Children's Suits surpass all others in the city for beauty president, on the allegation that the comious. Your liver and we sell them for less money. pany has become insolvent. The comneeds the gently We boys' good Overalls at 25c. pany's financial condition is attributed to stimulating and We sell the best 50 cent Overails at 35c. President Oscar M. Dunham's floating powerfully invigorYou can buy of us the best 75c Overall in the market at 50c. $168,000 worth of notes for his own obligaating effects of Dr. Pierce's Pleasant Pellets. Men's good Jeans Pants at 50e. tions. Dunham IS said to have disapThese little things will put you in complete Men's Cotton Pants at 60c. worth $1.00. order. peared. Men's Lanndered fancy Sairts, collars and cuffs attached at 35c. The receiver qualified this afternoon in They follow Nature's own way. They're A good $1 00 Hat at 50c. a bond of $160,000. The outstanding notes the smallest. the easiest to take, and the best. The best 50c Shirt OL earth, fall size and well made. of Dunham are this evening estimated at They absolutely and permanently cure BilWe have some Jersey Suits for children, 7 and S years, worth from $4.00 $180,000. It is stated that the assets of the iousness, Constipation, Jaundice, Dizziness, to $7.00; you can have the pick at $2.00. company are about equal to the liabilities. Sour Stomach, Sick or Bilious Headaches, A beautiful Bow and Arrow given with each boy's suit. NEW YORK. June 19 -Heicht Bros., imIndigestion, and consequent stupor or drowsiness. In Men's Clothing, Furnishing Goods, Hats, Etc. we have no competition porters of and dealers in laces and fancy in prices, as we are lower than all others. We do not advertise trash, but goods, today confessed judgment for $36,000 They're guaranteed to give satisfaction, in to Esther Heicht and for $211,287 to Schafgood first-class goods. Don't forget the number of our store. Mail orders a every way and in every case, or your money specialty. fer Bros., for money lent. Executions on is returned. You pay only for the good you get. the judgments haye been issued to the sheriff. Nothing else urged by a tricky dealer, can MR. COLE was the practical clothing man and head of the WASHINGTON, June 19.-Through legal be just as good for you to buy. proceedings, brought in behalf of the late firm of COLE & JONES stockholders, a receiver is sought for the Fidelity Building, Loan and Investment BASEBALL company of this city, with authority to AT PITTSBURG. dissolve the association and apportion the J.S COLE & CO., 1001010020-4 Pittsburg assets among the stockholders. Fraud is Cleveland 600430400-17 ONE-PRICE CLOTHIER & FURNISHER. alleged in the plan and management. It hits-Pittsburg 6; Cleveland. 20: is charged by the stockholders that $800,errors-Pittsburg, 0; Cieveland, 3. Bat000 has been collected by agents in differ224 East Douglas Ave. teries-Pittsburg, Ganzel. Terry and Gastent cities and that the association is inWichita, Kan. right; Cleveland-Zimmer and Cuppy. solvent. The charges are denied by the officers. AT CINCINNATI. PittsBURG, Pa., June 19.-The Oil Well THE MONEY MARKETS. Cincinnati 40004230*-13 JUST TO PASS AWAY THE TIME. Supply company, one of the most extensive NEW York, June 19.-The week opened Louisville 010023022-10 corporations in Pennsylvania, and the a Young Nebraskan Who Chose the Basehits-Cincinnati. 18; Louisville, 14 with an extremely dull market in Wall largest concern of the kind in the world, Wrong Auditor to His Yarns. Cinciunati, 1: Kouisville, 4 Batstreet. The intense heat tended to retoday went into the hands of a receiver. teries-Cincinnati, Dwyer and Vaughn; strict business, but a far more important "I was traveling from Chicago to The corporation is capitalized at $1,500,000. Louisville, Stratton and Harrington. The assets are $2,500,000 and the total infactor was the stringency in money. At Denver several weeks ago," remarked AT PHILADELPHIA. debtedness is placed at $1,100,000. The the opening there was a pretty general a young Nebraskan to a New York debt is pressing, and, on account of the advance, ranging from 1/4 to 11/2 per cent. 100001005-6 Philadelphia Herald man, "when there came into depression in busines, cannot be met. To The inactivity induced some traders to Baltimore 000002001-3 the car and sat beside me a sanctiprevent the sacrifice of classets by forced raid the list before the expiration of the :Basehits-Philadelphia, 12:Baltimore, 6; sales and the disintegration of the numerfirst hour. and Sugar and Missouri Pacific monious individual whom I thought errors-Philadeiphia, 1; Baltimore, 2. Batous factories and works, and to preserve yielded 134: Chicago Gas and General teries-Philadelphia, Clements and Keefe : looked particularly gullible. He was Electric, 11/2, and the remander of the list the whole plant as a unit, the appointment Baltimore, Robinson and Mullane. dressed in gray and was evidently-so, of a receiver was decided upon. The printo 1 per cent. A rally of 1/8 and 11/ per AT NEW YORK. at least, I thought-some itinerant cipal offices of the concern are in Pittscent occurred after the delivery hour, New York. burg. It also has shops and offices in Oil 20118110*-14 when money eased up. clergyman. Well, I was feeling pretty City and Bradford, It has branches in 301000202Washington good, and to while away the time I THE UNION MINERS. Connecticut and Ohio and owns property Basehits-New York, 19; Washington, 11; started in by telling him some of my in New York, Indiana, Illinois and West CAMDEN, Mo., June 19-District Presierrors-New York, 3: Washington, Batwestern yarns. He was very courteous, Virginia. The company employs over teries-New York, Tiernan and Rusie; deut Walters of the United Mine Workers 1,500 clerks and operatives. Inability to and listened to my 'hairbreadth esWashington McGuire and Maul. of America, arrived here this morning meet its obligations caused the trouble. capes' and Indian stories with evident AT CHICAGO. from Richmond, He addressed a meeting The company depended largely upon eastinterest. That he believed every word at the latter place ou Saturday afternoon. ern financial institutions. 'Until the last 20020000400-8 Chicago I uttered I didn't for one moment enThe miners there elected a delegate to atSt. Louis 100003401001-9 moment," says the statement, 'we expecttend the delegate convention to be held in tertait a doubt. He finally asked me ed to weather the storm, but were finally Basehits-Chicago, 12; St. Louis, 0: erKansas City on July 1. Mr. Walters held forced to the conclusion that it would be rors, Chicago, St. Louis, 1. Batterieswhere lived. and I. selecting a town another meeting in Riverton on Sunday, better to stop and shape matters to preChicago, McGill and Shriever; St. Louis, in Idaho at random, replied that my and the miners there also voted to send a Gunson and Breitenstein. Eleven invent waste. The assets are largely in home was at Arrowville: that I was delegate to the July meeting. This mornexcess of the liabilities, and we feel confinings. ing he addressed the miners of shafts born th in fact. I had but just redent in saying that we can pay all liabiliAT BOSTON. numbers 1 and 2 belonging to the Kansas turned told him. from a German unities and interest and have large properties Boston 01011100*_ and Texas Coal company. left.' versity, where I had taken a course in 010000000Brooklyn NEW YORK, June 19.-Faton, Cole, Basehits-Boston, 12; Brooklyn, 6; errors THE FINANCIAL CONGRESS. mining engineering. He appeared very Burnham & Co., manufactur of brass -Boston, 2: Brooklyn, 1. Batteries-Bosmuch interested and I went on to tell CHICAGO, June 19.-The opening meetgoods, have issued a statement stating ton, Merrit, Ganzel and Stivetts; Brook ing of the congress of commerce and that they are unable properly to care for him more about myself. My father. I lyn, Kinslow and Stein. their maturing obligation and must suscontinued. had settled in Arrowville finance was held tonight. It was general WESTERN LEAGUE. pend. The embarrassment is charged to in character, and consisted of an opening early in the 50s. had stolen a young liability to realize on their commercial ATKANSAS CITY. address by President Bonney of the Indian squaw after killing her buck, paper on account of the stringency in the world's congress auxiliary and an address 002100041-8 Kansas City money market. The balance sheet for had married her and I was the result of welcome by Lyman J. Gage. Senator 13050300*Topeka January showed assets nearly sufficient to of the union. John Sherman is expected to be among Basehits-Kansas City, 10; Topeka, 12: pay their entire indebtedness, and the the coming orators of the congress. The Kansas City, 3: Topeka, 2. BatYou hardly appear to have had an statement says that the same relative procongress will, among other subjects, dis teries-Kansas City, Ryle and Whalen; Indian mother," he remarked, glancing portions still exist. No figures given. cuss the cause di and best remedy for the Topeka, Quigg and Sherbocker. BOSTON, June Little Kanawha at my blonde hair and light complexevils from which the financial system of KANSAS CITY, June 19.-The Western Lumber company of Maine, a corporation ion. I thought he was growing more the country and banks are now suffering. League Baseball association today diswith a capital of $500,000, with $347,000 interested, so I continued to pile it on. banded for the season. This action was actually paid in, is financially embarrassA VALUABLE REMEDY. brought about by the inability of Leaven'My father," said I, 'is the owner of ed, and has been placed in the hands of a BRANDRETH'S PILLS purify the blood, worth to secure a full complementol playreceiver. The assets are $1,000,000 and the the Red Dog mine, and is, I suppose, ers after its breakup last week. The St. stimulate the liver, strengthen the kidliabilities $785,000. consisting of negotiable worth as much money as any man in Joseph and Kansas City clubs will contest neys, regulate the bowels. They were paper. On account of the failure of the the territory. He really built the for the Missouri valley championship, introduced in the United States in 1835. company the firms of Andrew F. Leatherplaying a series of seven games before the town, you know, or rather you would bee, Wiliiam H. Leatherbee & Sons and Since that time over sixty millions of season closes. the Taunton Lumber Company have also know if you should ever happen to stay boxes of BRANDRDTH'S PILLS have been assigned. used. in that town over night.' TURF WINNERS: ALBANY, Or. June 19.-The Lynn counThis, together with thousands of con'My companion looked me over GLOUCESTER, N. J., June 19.-Winners: ty bank closed its doors this morning, vincing testimonials from all parts of the scrutinizingly, and I continued: 'Why, Telephone, Artillery, Express, Drizzle, posting the following notice: "Owing to world, is positive evidence of their value Despair, Miss Aggie. the stringency in the money market this there's the town of Shasta, right near BRANDRETH'S PILLS are purely vegetaGUTTENBURG, N. J., June 19.-Winners: bank hereby suspends by order of the dible, absolutely harmless, and safe to take Arrowville. It was raided by the Inrectors." The depositors will be paid dolRunaway, Kentucky Lady, Sandowne, at any time. dians four years ago. They had an Laura S., Khaftan. lar for dollar. President Cowan says that awful fight over there, I assure you. SHEEPSHEAD BAY, June 19.-Winners: the deposits amount to about $150,000, and TOPEKA CARRIERS FIRED. My father alone killed a half-dozen of Correction, Chattanooga, Ajax, Count, that the assets exceed the liabilities by TOPEKA, Kan., June 19.-Postmaster Now or Never. Cataract. $100,000. A branch of the bank at Lebanon the painted devils with his trusty rifle. Thomas of Topeka this morning disCINCINNATI, June 19.-Latonia winners: also closed at noon. The Bank of Oregon A great town is Shasta. Bound to be charged seventeen Republican carriers and in this city closed its doors during the Annie Elizabeth, Rebuff, Lulu T., Mabel, a metropo some day. There's an Sister Mary, Peabody, Aurora. gave their places to Democrats. Five afternoon. The deposits of both are Democrats, who held over from President ST. LOUIS, June 19.-Winners: Advance, English syndicate going to invest small. The failures were caused by steady runs. Cleveland's former administration, were several millions of dollars in land in Ella Smith, J. W. Brooks, Rally. Upman, Highland. NEW York, June 19.-A receiver has retained. This action was taken by Postthat vicinity.' Here," continued the CHICAGO, June 19.-Winners: Mount master Thomas in order to make the postbeen appointed for the Bachdorf Novelty speaker, "my friend in gray looked out office solidly Democratic before the civil Rose, Romair, Strathflower, Ed Bell, Fred company of Jersey City. They manufacof the window and an amused smile Houston, Miss Patton. tured musical novelties. No statement service examination set for July takes was made. place, after which no removals will be stole over his features. Finally turnAN ADVANCE IN CORN. permitted on political grounds. TOPEKA, Kan. June Steinburg, ing toward me and looking me squarea clothing dealer, failed today, owing CHICAGO, June 9.-Corn was the feature ly in the eyes, he remarked: A WHEEL-RECORD BREAKER. $35,000, of which $23,000 is preferred. The of the cereals today, advancing 11/4 cents. 'It is very strange, young man, that assets are not stated, but it is said that LONDON, June 19.-Today the American It was strongest at the close, and there they will not pay the preferred creditors. have never heard of any these things bicyclist, Sanger,"surprassed all his prevbefore was a suspicion that manipulators are at


Article from The Herald, June 20, 1893

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OREGON BANK FAILURES. Two Albany Banking Institutions Close Their Doors. ALBANY, Ore., June 19.-The Linn County bank closed its doors this morning. A notice on the door savs: "Owing to the stringency in the money market, the bank hereby suspends payment by order of the directors. Depositors will be paid dollar for dollar." J. L. Cowan. president of the bank, pays the deposits amount to about $150,000, and that the assets will exceed the liabilities by $80,000 to $100,000. J.A. Crawford, one of the directore, says he will personally guarantee every depositor. No official statement has been made. A branch of the Linn county bank at Lebanon, this county, also closed its doore. At noon the Bank of Oregon, of this city, also closed itsdoors. Caehier Blain says the assets are 50 per cent. more than the liabilities. The amount of deposits is small. Both failures were caused by the steady withdrawal of deposits for several weeks.


Article from The Daily Morning Astorian, June 20, 1893

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BANK SUSPENSION IN OREGON The Stringency in the Money Market Causes the Trouble. DEPOSITORS TO BE PROTECTED A Wealthy Citizen of Albany Guarantees That No One WHI Lose-Deposits Had Been Steadily Withdrawn. Associated Press. Albany, Or., June 19.-The Linn County bank closed its doors this morning. A notice on the doors says owing to the stringency in the money market the bank suspends payment by order of the board of directors. The depositors will be paid dollar for dollar, with a large surplus. J. L. Cowan, president of the bank, says the deposits amount to about $150,000, and that the assets will exceed the liabilities by $80,000 to $100,000. J. A. Crawford, the wealthiest citizen of Albany, and one of the directors, says he will personally guar antee every depositor. Among the de posits is $33,000 of the county's money, No official statement has been made. The branch of the Linn county bank at Lebanon also closed its doors this morning. At noon the Bank of Oregon, of this city, also closed its doors, Cashier Jay W. Blain says the assets are fifty per cent more than the liabilities, The amount of deposits is small. The fallures were caused by the steady withdrawal of deposits for several weeks. No official statement will be made until the bank examiner arrives but Cashier Archibald of the Linn county , bank says the liabilities are about $200,000 and the assets $318,000, and that depositors will be paid in full. The immediate cause of suspension was the dishonoring of a draft for $16,000 presented by the county treasurer in payment of state taxes. The state treasurer accepted the draft and gave his receipt therefor, but the draft, on being presented at the Salem Bank, was not honored. The directors then held a meeting and disagreed as to whether or not they should supply the money to tide the bank over the present necessity. The majority finally decided to suspend. The confidence of the public is shown in the fact that the merchants offer to take the paper of both the n closed banks at par. Only a slight run was precipitated upon the other banks, which were kept open until six o'clock. They are well fortified, and will be 111 able to meet all demands upon them. iit en The assets of the Bank of Oregon ry are $63,000 and the liabilities $45,000. Depositors will be paid as soon as the bank can realize upon its securities. The bank at Lebanon, owned by Cowan, Ralston & Company, which closed at 10:30, has 27,000 deposits. The asK sets are considerably in excess of the liabilities. 00


Article from Evening Capital Journal, June 20, 1893

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THE ALBANY BANKS.-The Democrat: The bank inspector was telegraphed. On his arrived a receiver will be appointed and the bank placed under his control. Depositors will be paid per centages as fast as securities are paid. The Bank of Oregon closed its doors and placed out the sign, "Closed by order of the directors." The assets are paid to exceed the liabilities, and depositors will probably be paid in full on realization on securities. The Lebanon bank, connected with the Linn County bank, closed its doors.


Article from The Sun, June 21, 1893

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Oregon Banks Suspend. ALBANY, Or., June 20.-J. L. Cowan, President of the Linn County Bank. which suspended yesterday. says that the deposits in the bank amount to about $100,000, and that the assets will exceed the liabilities by $80,000 or $100,000. J. A. Crawford. the wealthiest citizen of Albany. and one of the directors, says he will guarantoe personally every depositor of the suspended bank. Among the deposits is $41.000 of the county's money. No official statement has been made. A branch of the Linn County Bank at Lebanon, this county, also closed its doors at noon yesterday. and the Bank of Oregon. this city, closed its doors during the afternoon. Cashier Blain says the assets are 50 per cent. more than the liabilities. Both failures were caused by the steady withdrawal of deposits for several weeks.


Article from Grant County Herald, June 22, 1893

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GIVEN A CHANCE. Coroner Patterson decided not to issue warrants for the commitment of Col. Ainsworth, Dant, Covert and Sasse until this morning in order to give them 9.7 opportunity of obtaining bail. Col. Ainsworth has already secured a bondsman. Contractor Dant is very ill at his residence. BANKS FAIL. Several Financial Institutions in Various Places Forced to Suspend. ALBANY, Ore., June 20.-The Linn county bank of this city has closed its doors owing to the stringency in the money market. J. L. Cowan, president of the bank, says the deposits amount to about $50,000, and that the assets will exceed the liabilities by about $80,000. The Linn county bank at Lebanon also closed its doors at noon. The Bonk of Oregon, this city, also closed its doors. WILMINGTON, N. C., June 20.-The Bank of New Hanover has been forced to make an assignment to Junius Davis in the interest of all concerned. The assets are estimated at $1,250,000; the liabilities, $800,000. CHATTANOOGA, Tenn., June 20.-The City savings bank at a late hour last night made an assignment. It is claimed the depositors will be paid in full. TOPEKA, Kan., June 20.-The state bank commissioner has ordered the State bank of Plainville closed. CLEVELAND, O., June 20.-The Lake County bank at Painesville, O., which was forced to suspend last week because of a run. was solvent. A statement shows that the assets were $450,000 and the liabilities $350,000.


Article from The Times, June 23, 1893

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LATER. CONTRACTOR DANT, Superintendent Covert, Engineer Sasse and Col. Ainsworth were held responsible by the coroner's jury for the death of the Ford theater victims in Washington and the government was censured for carelessness. THE village of Jeffersontown, Ky., was swept away by fire. THE Kanawaha Lumber company at Boston failed for $785,900, pulling down with it W. H. Leatherbee & Son with liabilities of $217,000 and A. F. Leatherbee & Co. with liabilities of $231,000. THE Missouri law permitting the sale of vagrants has been declared unconstitutional by the state supreme court. EXPONENTS of banking, finance, railway, commerce, board of trade, insurance, building and loan associations and mercantile credits met in Chicago and inaugurated the world's congresses of commerce and finance. THE George L. Squire Manufacturing company at Buffalo, N. Y. failed for $200,000. AN incendiary fire destroyed the business portion of Tillamook, Ore., leaving many parties destitute. Loss over $100,000. A PLAN of celebration has been conceived by the committee in Chicago in charge of the Columbian liberty bell whereby on July 4 all the bells in schoolhouses and churches of the land will ring simultaneously at noon. THE Capital national bank at Indianapolis, Ina., which suspended one month ago has resumed business. BECAUSE of Sunday opening of the world's fair Bishop Merrill says the general commission of the Methodist denomination will issue a manifesto withdrawing the Methodist exhibits from the fair within two weeks and asking the 5,000,000 members of the church to keep away from the exposition on week days as well as on Sun days. BANK failures were reported at Lebanon and Albany in Oregon, at New Hanover, N. C., at Chattanooga, Tenn., and at Plainville, Kan. THE forest fires in the Mesaba iron range in Wisconsin caused a damage of over $1,000,000 and left nearly 4,000 persons homeless and destitute. Reports from Ashland state that forest fires were sweeping over miles of country and hundreds of homesteaders were in danger. John Meagher perished near Moquah and two children were burned to death at Sanborn and the town wiped out. Similar forest fires were also burning over the whole upper Michigan peninsula.