18295. Astoria Savings Bank (Astoria, OR)

Bank Information

Episode Type: Run → Suspension → Closure
Bank Type: savings bank
Start Date: April 1, 1929*
Location: Astoria, Oregon (46.188, -123.831)

Metadata

Model: gpt-5-mini
Short Digest: 2b4dc812

Response Measures

Full suspension, Books examined

Other: Bank was turned over to the state superintendent for liquidation; receivership and inventory undertaken.

Description

Newspaper accounts (June 18, 1929) describe a sustained run for more than two months that forced the bank to close and be turned over to the state superintendent for liquidation; a receiver was to be named and the bank remained in liquidation (closure). Cause of run repeatedly described as rumors and unfounded reports; bank officials and state superintendent took liquidation/receivership actions.

Events (4)

1. April 1, 1929* Run

Cause: Rumor Or Misinformation
Cause Details: Sustained withdrawals precipitated by widely circulated rumors that the bank was insolvent; articles state 'rumors, originating no one exactly knows where, but wholly unfounded in fact' and that runs were 'precipitated by general circulation of a report' about bonding company cancelling bonds.
Measures: Directors refused withdrawals on certificates until maturity, attempted loan liquidations, brought in George L. (new vice-president) to liquidate loans; directors conferred with state banking officials and sought to protect depositors prior to closing.
Newspaper Excerpt: The suspension of business by this old financial institution came direct result of a sustained run which started more than two months ago and has continued intermittently ever since.
Source: newspapers

2. June 18, 1929 Receivership

Newspaper Excerpt: A. Schramm, state banking superintendent, is today in charge the bank and he has three of assistants ... He will name one of his deputies as receiver probably tomorrow though he will himself remain several days. ... turned over to the state banking superintendent for liquidation. Under the state law Mr. Schramm will act as receiver for the institution but will appoint deputy to remain in Astoria handle the work. Notices to creditors of the Astoria Savings bank, which passed into hands the banking department yesterday for liquidation of its assets, will be mailed out soon as possible, according state superintendent of banks, who has charge the local institution. Cooperation Planned To Assist In Liquidation Of Astoria Savings Bank. The Astoria chamber of commerce directors are scheduled to meet ... to work out plans for co-operation with State Superintendent Banks Schramm ... the complete inventory the assets will probably be filed ... The bank remained in receivership and liquidation through subsequent months and legal actions followed (suits by depositors).
Source: newspapers

3. June 18, 1929 Suspension

Cause: Rumor Or Misinformation
Cause Details: Board closed bank due to continuous and persistent run driven by unfounded insolvency rumors; directors decided to close before cash exhausted to protect depositors, then turned bank over to state superintendent for liquidation.
Newspaper Excerpt: The Astoria Savings Bank this morning closed its doors and, by the board of directors, was turned over to the state banking superintendent for liquidation.
Source: newspapers

4. August 16, 1929 Other

Newspaper Excerpt: A resolution requesting the state banking department to grant an extension of 60 days beyond the statutory period for reorganization and reopening of the Astoria Savings Bank, which closed its doors here June 18, was adopted ... The resolution ... declares that in event it is found that such an extension is not within the powers of the banking department that steps be taken at once to secure a court order granting the extension. Under the law the reorganization period for the bank will expire on August 18.
Source: newspapers

Newspaper Articles (18)

1. June 18, 1929 Astoria Evening Budget Astoria, OR

Article from Astoria Evening Budget, June 18, 1929

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LOCAL BANK FORCED TO SHUT DOORS DUE TO RUN The Astoria Savings Bank this morning closed its doors and, by the board of directors, was turned over to the state banking superintendent for liquidation. The suspension of business by this old financial institution came direct result of a sustained run which started more than two months ago and has continued intermittently ever since. To protect the interest of the depositors, the directors, following meeting with Supt. A. A, Schramm, which lasted through the day yesterday and late into the evening, reluctantly came to decision to close. The formal authority was voted this morning before banking hours and the public received its first announcement when notice was tacked the door of the bank shortly before 9 o'clock. The closing of this bank the second large bank failure in Astoria in little more than year, the National having suspended on February 23, 1928. Schramm in Charge A. Schramm, state banking soperintendent, is today in charge the bank and he has three of assistants, Ray Landon, R. H. Coppock and A. H. Olson, with him. He will name one of his deputies as receiver probably tomorrow though he will himself remain several days. Supt. Schramm stated this morning that the bank doors would be opened within two or three days in order permit those having safety deposit boxes have access to them. He will Immediately send out notices to all depositors asking them to call at the bank, present their claims and have them verified. His next task, which will require three or four weeks, will be to inventory and catalogue all of the bank assets. copy of this Inventory will be filed with the county clerk for public inspection. Liquidation will start immediately 3000 Depositors The closing of the bank involves more than 3000 separate depositors who have claims aggregating $2,065,675.96 against the bank. There is on deposit $226,000 of public funds for which surety bonding company is responsible and $112,500 of public funds in time deposits secured by that amount of bonds put up as collateral. Over $600,000 of the deposits is represented by certifi- (Centinued on Page Five)

2. June 18, 1929 Astoria Evening Budget Astoria, OR

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Continued From Page One cates of deposit. The balance is in checking or savings accounts. Technically the Astoria Savings Bank was not a savings bank and, therefore, had no savings accounts recognized by law. What were known as savings accounts were in reality interest-drawing deposits and the law gives such accounts no preference over strictly commercial checking accounts. There is a serious question as to whether the stockholders are liable for double the amount of their stock. The law of double 11ability was not adopted until 1912 whereas the Astoria Savings Bank was chartered in 1906, thus exempting the stockholders from the provisions of the law. However, the capitalization of the bank has been changed since the law went into effect and Superintendent Schramm is now fighting out in the courts the question of whether change of capitalisation does not change the contract of the bank with the state and make the stockholders liable for double their stock holdings The question is being tried out in the circuit courts of Tillamook and Umatilla counties and will probably go to the supreme court for a decision. Those depositors having notes at the bank will be entitled to offset their deposits against their indebtedness to the bank, just as was the case with the Astoria National Bank Rumors Cause Run The first mild run on the bank was started several months ago but It caused no uneasiness to the bank officials until it' showed evidence of continuing. The bank then stood upon Its statutory rights in refusing to permit withdrawal of money represented by certificates of deposit until the certificates matured. The bank also made every effort to prevent the withdrawal of other interestbearing deposits. The rumors, many of them without foundation in fact, revived upon the death G. W. Sanborn and Fred Kendall of the Sanborn-Cutting Co. which it was generally known. was nanced by the Astoria Savings Bank. Repeated conferen were held. between the bank state banking officials with result that George L. formerly with the Bank of Call ornia, was made vice-preside of the bank with Instructions liquidate such loans as could liquidated without delay and not additional security on others. Through his afforts and these the directors more than neash was received by the from debtors. The situation eased up erably for two or three weeks lowing the sale of the property saleof the Timber Co. but another run precipitated by general circulatic of a report that the bonding pany, which had furnished bond for the funds on had served required 30-day notice tention to cancel the boad. was attended by proximately $200,000 funds. Last gossip-about the bank ran wildfire through the and, recognising that deplete cash respurces er than loans could be the directors tion but to protect their morning in situation stated his been working for more then year attempt to secure of the band and had every expedient saving this Institution for the community this program; he said, the directors had but the run was a factor which could not combatted Capital Wiped Out The bank was capitalised

3. June 18, 1929 Astoria Evening Budget Astoria, OR

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proved by the board of directors: TO THE PUBLIC It is with profound regret that we are compelled to notify our customers that the Astoria Savings Bank, which has been actively engaged in the general banking business in this city since 1891, has been forced to close its doors and cease business for period of time. which we hope will prove only itemporarily It our firm Judgment and belief that this bank is wholly solvent and will promptly pay every depositor and creditor in full. The reason for the closing of its doors is probably as well known generally to you as to the bank officials. For some time past, rumors, originating no. one exactly knows where, but wholly unfouned in fact, have been widely circulated to the effect that the bank was Insolvent. Little, If any, attention was given by us to such rumors in the first instance, for we knew they were false, and the fact that the bank had been in business here for so many years and had the full confidence of the people, it was hoped and believed that such rumors would die away In this, we were mistaken. Instead of dying away. they increased, with the result that for some considerable time, there has been a run on the bank so continuous and persistent, that after giving the matter our most careful consideration, we concluded to close, although the cash on hand was and is quite considerable. The situation presented to us was this: the people of this community were able to pay the bank their indebtedness to It, then, of course, the bank could have continued business. But you know as well as do we, that our customers could not do this, and if drastic measures should have been taken to enforce such payment, the result would have been financial ruin to our community, as well as 100g to the bank: but if, on the other hand, time should be for such payment the full amounts due would be realized but if such payments should not be enforced, the bank must close its doors. The bank officials chose the latter course, and did so before its cash on hand was exhausted, all for the purpose of protecting its depositors. We all realize that there is and has been for some considerable time financial depression throughout the Northwest, which has, to some extent, affected. least materially reduced, the value of real estate In our community to no Inconsiderable extent. Also, securities considered first class prior to the recent attractive interest rates demanded and received in the eastern money centers on call moneys are not now desirable, even though perfectly good. No bank can stand a run where the depositors are demanding on their deposits in full, no matter how solvent it may be. The Astoria Savings Bank is Against this run ,and before its cash had been exhausted, the directors deemed it advisable to close its doors. The business affairs of the bank have at all times been honestly and economically administered. We wish to thank our clientele for their confidence and assistance, and assure them that, in our honest judgment everybody will be paid in full. Doubtless the closing of the Astoria Savings Bank will produce in the minds of some people- lack of confidence In all banks, or the other two banks in this city We are wholly satisfied that the other banks in this city are entitled to your full confidence and support and that it is your duty to assist and protect them in every possible way. Banks are necessity to business progress, and it is the duty of every eitito protect and support its financial institutions. T statement is authorized by the board directors ASTORIA SAVINGS BANK, Frank Patton, President.

4. June 19, 1929 The Daily Astorian Astoria, OR

Article from The Daily Astorian, June 19, 1929

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Editorial MONEY COMING IN. While the closing of the Astoria Savings Bank temporary hardship to the people of this community, not time to give away pessimism or to lose heart. While it is, as yet, too early to obtain definite information garding the closing of the bank, safe to say that eventually the depositors will receive major portion of their savings and that possible change in conditions might result in complete payment. In the interim there is bound to be certain amount of inconvenience until adjustments can be matie. It should be kept in mind that the sources from which the $2,000,000 deposited in the Astoria Savings Bank were derived are still open and in healthy condition. This money came from fish, dairy cattle, poultry, logs and lumber, and other primary and productive resources. There has never been time when these industries were in better or more stable condition. Fishing is returning one of the biggest payrolls in years; dairying is in excellent shape as are minor factors in our productive scheme. In other words, while this money in the Astoria Savings Bank is tied upfor time, there is more money coming in to this community and will continue to come in. The closing of the Savings Bank was not due to failure of produedistrict. It due to slow collections and the general depression, that is not peculiar to this community alone general all over the country and felt particularly, at this time, in the Paeific northwest. There plenty of money in Astoria and more will come in. The community has suffered number of heavy Hows before and following the fire of 1922 which brought a $12,000,000 loss. It has survived these hardships and will survive the presThe only thing for the business men and people of the to do is to earry on with heads up and they will find that the real situation does not justify any tendency toward pessimism and despair.

5. June 19, 1929 The Daily Astorian Astoria, OR

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RUN MADE ON BANK COLLECTIONS GAIN Liquidation Inaugurated By Institution Offset By Withdrawals. Heavy Notices to creditors of the Astoria Sovings bank, which passed into hands the banking department yesterday for liquidation of its assets, will be mailed out soon as possible, according state perintendent of banks, who has charge the local institution. Mr. Schramm expects complete this work within two three weeks time. He urges that depositors and other creditors do at the bank until they receive their notices and then call promptly to file their claims. notices will be mailed out as they are made out. No Comment on Affairs. Mr Schramm refused comment the condition the bank affairs on other than to that there say considerable of "frozen" assets of which considered to be some worthless. He said that under the state no dividend could be paid until days after statement assets of the bank had been filed. This statement he expects to have prepared and filed at the county clerk's office an date. It will be available there early for all This will completely the bank with notations to their condiUnder the state law Mr. Schramm will act as receiver for the institution but will appoint deputy to remain in Astoria handle the work. He said yesterday that he had man in mind had experience bank liquidation work. Schramm will also appoint attorney to handle the affairs the bank but had not made such appointment Wrote Letter, July, 1928. Mr. Schramm stated that in July, 1928. that had written letter. copies which were sent by registered (Continued on Page Four)

6. June 19, 1929 The Daily Astorian Astoria, OR

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Astoria Savings Bank In Hands Of Department (Continued From Page One) to all directors of the bank. point$2,718,745.82 ing out that over million dollars loans held by the institution Capital 200,000.00 either frozen non-liquid conSurplus 200,000.00 else of extremely doubtdition Undivided profits 1,854.92 ful In this letter he urged that Drafts transit with Bills steps be taken to liquidate least coreving shipments of half million dollars from this group merchandise and the addition of this fund Bills Payable 205,000.00 reserve. Deposits 2,065,675.96 This liquidation work was started early in year, Mr. Schramm stated, $2,718,745.82 proceeding good shape. Chartered in 1890. the last 30 days almost $300,The Bank had been realized from the liquidachartered 1890 and started operabut in the meantime tion process tions 1891 original capitalibut on the banks persistent 1908 this funds started withdrawals durincreased $150,000 1924 were in excess of the same period again raised $200,000. Frank $500,000 and cash reserve had dropPatton, of the bank, and who to around instead of the ped destinies for years, required figure of $330,000. holds per cent of the stock $338,000 in Public Funds. the The value per par bank There deposit share the $338,000 in public funds and time stock readily for postal The postal savings $200 This money paid bonds and the secured the surplus $200.public funds by bonding has been wiped the effort and balance of the operation of the instisecurities. The first step in liquidation, accordThe following has been ing Mr. Schramm, would issued the public by Mr. Patton pay off the savings balance and approval the secure the bonds which board of directors: would liquidated to be used in payTO THE PUBLIC. off profound regret that we similar will the taken in the compelled notify our customers case of $112,000 by securities. that the Astoria Savings Bank, which These securities will and has been engaged in the genimmediately liquidated. The bonding banking business in this city since companies will handle the balance has forced to close doors the public fund and will and cease period of time, to stand the same loss as the depositwhich hope prove only firm judgment and porarily Loans to Bank Next Item. belief that this bank wholly solvent The next item handled and will promptly pay every depositor be loans the and covered by and creditor The reason for heading "bills Where the closing its doors probably given for these loans has security well known generally to to value excess of the loan figure the bank loan will paid the security some time past, rumors, origdeemed. Where the the inating no exactly knows where, curity the that the loan but wholly unfounded fact, have matter to holder of the been widely circulated the effect to handle. security that the bank was insolvent. Little, The will include the next process any, given us to such regular liquidation procedure, namely rumors in the first instance, for the collection of loans due the knew they false, and the fact that attempted liquidation of all real the bank had been business here fór property equipment holdings many and had the full confithe dence of the people, was hoped and Stockholders' Liability. believed such rumors would The matter of liability of the away. this, were mistaken. is in question. The bank stead dying they chartered 1890 before the with the result that for some considdouble liability law adopted by erable there has run the state the stockholders take and the bank continuous persistent, position that they are not liable that after giving the matter most for than what they have already concluded careful we paid for their stock. However, the state the on hand was close, although banking department holds that since and quite considerable. the increased capitalization Debtors Couldn't Pay. 1924 then became amendable situation to us was laws then prevailing regarding bank this: If the of this people stock. The matter has already been were able to pay the bank their inbrought the courts similar debtedness then, of the course, and case, that of Tilla- bank could have business. bank now awaiting judicial But well do that you know as as we,

7. June 19, 1929 The Daily Astorian Astoria, OR

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customers could not do this, and drastic measures should have been taken enforce such payment, the result would have been financial ruin well as loss the bank: but on the other time should be given for such pay ment, the full amounts due would realized. but such payments should be enforced. the bank must close doors. The bank officials chose the latter and did before its cash on hand for the purpose of protecting its deposiall realize that there is and been for some cosiderable time nancial depression throughout the Northwest, which has, to some affected, least materially reduced, the value of real estate our community extent. Also, considered first class prior recent attractive interest rates demanded and received in the eastern money centers on call monys desirable, even though perfectly good. No bank can stand where the depositors demandpayment on their deposits in full, no matter solvent may Decide to Close. Astoria Savings Bank was against this run, and before its cash had been exhausted. the directors advisable close its doors. The business affairs of the bank have all times been honestly and economically administered. wish thank our clientele for their confidence assure them that. our honest judgment, everybody be paid in full. 'Doubtless, the closing of the toria Savings Bank will the minds people lack of confidence all banks. the other banks this We satisfied that the other banks this are entitled your full confidence support and that your duty and them Banks busiprogress, and the duty of citizen to protect and support financial This statement by the board directors. "ASTORIA By Frank Patton, President.

8. June 22, 1929 The Daily Astorian Astoria, OR

Article from The Daily Astorian, June 22, 1929

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IN THE NEWS OF ONE EVERY ASTORIAN WHO CAN possibly make his to Camp Clatway sop today should attend the big brigade review and combat demonstration The review impressive spectacle and the young soldiers are worthy of the courtesy extended presence their parade. In the combat demonstration however, have spectacle that Actual warfare unique many conditions simulated; every arm of the land fighting service brought into play with the exception of tanks: real ammunition is used throughout: and probably the most impor- tant the terrain is such that thousands of spectators can watch every move the entire affair and see every angle the demonstration. An opportunity to witness such spectacle under such favorable circumstances is not offered in any other part of the country. If you can get to Camp Clatsop at today be sure and be there. SOME 400 PERSONS WANT the farm bureau. Some of jobs on them are farmers, theoretical and practical, and others are of just the plain genus politico, who have for the nonce dusted little hayseed in their hair and brushed up on few phrases about the great American farmer. Doubtless there are number of men among this long list of applicants who are probably as well qualified as any others the work but just to be on the safe side in this most important undertaking would probably good thing that the actual selection be made from enough market experts, bankers, or what ever they need, to be steadily on the job and not out seeking ment plum. OUR EVENING CONTEMPO- headlines follows: "Laurel as Captain Arrives in Astoria, Would Like to Stay on Boat, He Says." Of course have been forced to listen to some of the most expert hammer wielders in the community but really hope that Captain Johnson was misunderstood particularly after viewing what remains of his battered boat. Really we hardly thought the old town would make such bad impression. PRESS ACCOUNTS INDICATE that the prohibition warfare has halted while survivors count the dead and the In other words there is be liquidation of the affairs the Astoria tally to be made. In one list will Savings Bank. the bootleggers who have died for indicated that steps will probably be taken to appoint committee their potato peeling whiskey and apple confer with Mr. Schramm cider champagne and the other the fers assist any possible. This federal and various local officers who committee will also hold itself in readito an intermediary body have succumbed to" lead poisoning between the state banking department while defending the Volstead act. The and depositors and the department and debtors of the fists will make interesting reading at Preparations Advanced any rate, whether or not they tend to Preparations liquidation of the assets are being advanced prove any particular point in the concording to state banking officials. The troversy. THE FOUR IDAHO KIDNAP- cuit court in about 60 days immediping bandits have all been sentenced ately- following the time limit given terms in the penitentiary. Their stockholders perfect reorganization. Receipts the bank during the exploit was foolhardy and pointless $70,000 days with little evidence of an expected Collection proceedings realize this profit. It should be noted that the amount had been under before the closing of the bank. average age of the four under 21 years and it should also be noted that the only mature figure in the affair TEXAS POLITICIANS IN man of said to be the leader of the gang, wisely did not take part HOT EXCHANGE OVER actively their wild west desperado stunts, and so received sentence far TEA AT WHITE HOUSE less than that administered to the youngsters whom he talked into "bad men." WAR HAS BEEN PUT ON from Texas, under which Mrs. Hoover entertained the Oscar DePriest, strictly business basis in China. There Chicago negro congressman, one no cant or "glory" about it, just that should been broken, Governor Dan declared today of ham and eggs. The Chinese matter the request soldier fights either for his pay or that executive veto the Texas islature's resolution censuring the because he doesn't get and the House party. Chinese general fights for power and had been broken the precedent and the people of the Illinois disfoot. cash proposition is put took they should have to him that looks better than his probeen told elect white man to conand his would have been spective earnings loom in the future, gress accorded the social privileges he quite ready sell out and look the White House," Governor Moody (Continued on Page Three)

9. June 22, 1929 The Daily Astorian Astoria, OR

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Cooperation Planned To Assist In Liquidation Of Astoria Savings Bank. The Astoria chamber of commerce directors are scheduled to meet Monwork out plans for co-operation with State Superintendent Banks Schramm, the matter of the statements to depositors will probably mailed out within the next few complete inventory the assets will probably be filed the have totaled about

10. August 16, 1929 The Daily Astorian Astoria, OR

Article from The Daily Astorian, August 16, 1929

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COURT ORDER ASKED IF IT IS REQUIRED E. B. Hughes Is Chairman of Committee Seeking Reestablishment. A resolution requesting the state banking department to grant an extension of 60 days beyond the statutory period for reorganization and reopening of the Astoria Savings Bank, which closed its doors here June 18, was adopted last evening at a meeting of about 750 depositors in the institution at the county court house. The depositors also appointed a committee of five to represent them in negotiations with the state banking department and with officials of the bank, in regard to reorganization plans. The resolution in addition to the extension plea declares that in event it is found that such an extension is not within the powers of the banking department that steps be taken at once to secure a court order granting the extension. Under the law the reorganization period for the bank will expire on August 18. The committee selected by the de positors consists of E. B. Hughes, B. Hauke, F. Carney, Charles Anet and (Continued on Page Three)

11. October 5, 1929 Astoria Evening Budget Astoria, OR

Article from Astoria Evening Budget, October 5, 1929

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Hobson Will Lose His Two Dollars In One More Day George Hobson, fish and crab merchant, who achieved fame here month ago by buying the unfinished Hawkins building for $2 at an auction sale, seems to have profited nothing through his transaction, for the 30 days in which he was permitted to remove the building expires tomorrow and Hobson will have to violate the Sabbath with vengeance if he expects to remove it in one day. The removal of the building was contingent upon Hobson's payment of a reasonable rent to owners of the property on which it stands, and as he failed to pay the rent, the building reverts to W. C. Logan and the Astoria Savings Bank receiver, owners of the property.

12. November 26, 1929 The Oregonian Portland, OR

Article from The Oregonian, November 26, 1929

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M. Cobban, doing business at Astoria as the Cobban Music company, by John H. Cole, receiver of the Astoria National bank; A. Schramm, state superintendent of banks and in charge of the liquidation of the Astoria Savings bank and the Astoria Budget Publishing company. Claims listed totaled $815.20. Voluntary petitions were filed by O. R. Altree, doing business Altree Lumber company, Toledo, liabilities, assets $41 E. A. Wright, cement contractor, 475 East Fortyfourth street north, liabilities $6730.21, assets, $47; A. Hegg. longshoreman, 5111/2 Glisan street, liabilities $1077.40, assets none.

13. February 8, 1930 Astoria Evening Budget Astoria, OR

Article from Astoria Evening Budget, February 8, 1930

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Bids For File Suit To Bridges County Collect Last To Soon spened Day Deposits Feb. way commission HAVE CLAIMS OF 46 Suit is Filed in Name Of A. Shapiro for $7336.45 The long impending suit of last day depositors in the Astoria Savings Bank today when Shapiro filed suit to collect $7336 on assigned claims of 46 last day depositors. The action was filed in the local circuit The complaint alleges that the bank. which is named as co-defendant with Schramm, state of banks, was insolvent on June 17, 1929, and for some time prior thereto, that its liabilities that time were and that the cash value of the assets was but 25 to 50 per cent of that amount. The complaint further alleges that each of the persons making claims in the suit later tried to collect from the bank receiver, but that by order of Schramm their claims were denied. The bank was insolvent for 18 days or more prior to June 17, when it was closed, and the serve from to approximately below the legal minimum during this period. Green and Wold filed the action for the depositors.

14. March 19, 1930 Astoria Evening Budget Astoria, OR

Article from Astoria Evening Budget, March 19, 1930

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Depositors Defunct Bank Lose Point Savings account depositors of the Astoria Savings Bank must file actions in their claims for preference in distributing proceeds of liquidation of the bank Federal Judge Bean has ruled in decision in Portland federal court the action brought by three depositors for total of 294 claimants. Word of was yesterday by and Hesse, local legal firm acting counsel for the bank receiver contesting the account depositors' The suit in question was filed last December by Mrs. Rees, Mrs. R. Durrah, and George Parpala, all residents, the Portland federal court. Claims in the suit total around and payment of from the bank is being held up pending the Judge Bean Rules Judge Bean in his ruling yesterday also held that attorneys fees the amount of which were asked, cannot be allowed, and that claimants must pay their own attorneys' fees. What action the savings account depositors take sult of this ruling is not decided Franklin C. Green, of this city, who has acted leader of the group in initiating the suit, said today that he has not received copy the decision, and that he reluctant to discuss the matter until he receives copy. He indicated that there may still be other legal resources which the depositors can employ to file action to obtain preferential claims. The complaint in federal court alleged on the part of officers of the bank in claiming that the accounts were "savings" accounts when actually they were not. Judge Bean held that inasmuch these alleged acts of occurred at separate times, that separate suits must be filed for each alleged act of Oregon claimants under Judge Bean's ruling will have to file suit in the state courts, is believed.

15. March 19, 1930 The Daily Astorian Astoria, OR

Article from The Daily Astorian, March 19, 1930

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Astoria Column THE LUMBER TARIFF IS up in the senate again and preliminary indications are that there chance for passage. If the tariff measure does go through the hints, previously cast, that the sugar and cement groups made "trade" with the lumber advocates will break out into open charges. However, the lumber industry, unlike the sugar and cement businesses, has been vitally effected by competitive imports, to an extent that it has become a losing game. The greater part of the country, however, buys lumber and does not produce it, hence the chances for protective duty without little political 'log rolling" are slim. A saddening comment on national there you are. THE FIRST RULING IN THE battle of the Astoria Savings Bank "savings" depositors" seems to have been a distinet defeat for the depositor group. The situation is particularly regretable. It is apparent that the great bulk of this group of depositors firmly and truly believed that their money was being deposited in accordance with the ordinary protective provisions of the state banking laws regarding "savings accounts and it is equally apparent that in few cases at least, the bank officials used the provisions these laws to forestall efforts of these savings depositors to withdraw their accounts before the bank closed. Granting these premises, there has been an apparent wrong done to these depositors and the law should find way to right it, although we are not qualified to etaim that such legal remedy does actually exist. The state banking department can not be blamed for opposing the action. It is acting for the depositos as whole and cannot lend an ear to the pleadings of any one group until satisfied that the legal situation has been fully clarified. HAVE opened an "unemployment probe. They could probably accomplish more by hiring few of the employed" to do the work for them. There is plenty of other business on the senate calendar. AL CAPONE HAS RETURNed to Chicago, newspaper accounts say, and add that the police are "looking for him.' They term the scarred crook ruler of the Chicago underworld "suspicious' character. What a suspecting lot these Chicago coppers are.

16. June 1, 1930 The Sunday Oregonian Portland, OR

Article from The Sunday Oregonian, June 1, 1930

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BANKS OF OREGON INCREASE BACKING Resources More Than Double in 10-Year Period. MANY CONCERNS MERGE Combinations Held Necessary by State Superintendent in His Annual Report. OREGONIAN NEWS BUREAU, Salem, 31.-(Special.) resources of the banks of Oregon increased from $127,688,959 93 in the year 1909 to $348,911,906.92 in the year according to the annual report of the state of banks completed here today. The gain since 1909 was $221,222,946/99. The report shows that resources of the national banks in 1909 totaled $65 while the resources of state banks aggregated The 1929 report shows that the resources of the national banks have increased to $259,023,109.82 and the banks to $89,888,797.10. The gain in national banks 862.83 and state banks There total of 136 state and 72 national banks in Oregon in the year 1909, as compared with 140 state and 95 national banks in 1929. There were gain of only four state banks and 23 The largest was in the year 1910, when 24 new banks were established. Of national banks predominated. In his report to the state banking board A. Schramm, state superintendent of banks, stressed the necessity of fewer and better banks. He said persons viewed this transition with alarm. but that it was an economic necessity. Schramm's report showed that at the close of the present year there were eight less banks trust companies operating (in Oregon than there ago. of decreased 13 per cent during the past year. "This was due," Schramm said in This report, "to the conversion of three large banks and the transfer the deposit liabilities state trust an national bank. was only one failure the state during the past year, the Astoria Savings bank, which suspended business on June 17. "During the past ten there has been reduction of 49 in the number There were 284 banks operating in Oregon in 1920 and at the 1929. will be noted that the state banks show decrease of 51 and national banks an increase of two. This is explained by the fact that in previous years the for was only $10,000 capital. Later it was to $15,000 and only in 1925 was the minimum requirement placed at $25,000, the same as for national charter. "One of the outstanding reasons for consolidations and volliquidations is that limited net earnings. This test is being applied by the public, supervising thorities and awakened stockholders who in some instances have been compelled to pay stock losses or assessments. Continued existence dependent upon solvency and net earnings. An unprofitable bank should not continue in business because it is menace to society and the integrity of banking. are much time and thought to study better ment. In this connection it is the plan of the state bankers' associations of Idaho, Montana, Oregon, Idaho, Washington and Wyoming to hold bank conference in Portland early in 1930, under the of the of Banking Practices of the American Bankers' association "Litigation which was begun last year in with the double liability on stockholders of insolvent banks which were chartered to 1912, but which have since filed articles their capital structure, is still pendSing. Two of these cases, one representing decrease and the other an increase of capital stock, are now being prepared for submission to the state court. final should be forthcoming during the next year.' convicted in a libel action brought against by President von Hindenburg. Dr. socialist member of the reichstag and publisher of fascist periodical, was found guilty of unlaw publication. The action grew out of Dr. Goebbels' article in an extremist newspaper headed, President von Hindenburg Still Alive? The was violently attacked in the article for his alleged attitude toward the Young plan and reproached for his friendship with Jewish and Marxist advisers. The article also contained caricature the field marshal Von Hindenburg with the headline, "The Savior Looks On.

17. October 24, 1930 The Daily Astorian Astoria, OR

Article from The Daily Astorian, October 24, 1930

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16 More Withdraw From Svensèn Plea To Bank Receiver Sixteen additional petitioners in the original H. Svenson suit against the Astoria Savings bank withdrawn from the petition, was announced today the county clerk's office. The withdrawal took place on Oetober 20. Those Rudesill, A. Anderson, Mrs. R. Billington, June R. Brallier Edith Emil Jorgusen, Magnus LarLocal Barbers' Adolph Logfren, Robert Patterson, Leo Richter Julia Selbeck, Carl Tanel, James Tsoukas John Waglund. The combined claims the group' amounted to $11,208.20.

18. May 12, 1931 The Daily Astorian Astoria, OR

Article from The Daily Astorian, May 12, 1931

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PORT GROUP PLANS FATE OF FACTORY The matter of disposal of the Fellman Furniture factory plant on the port discussed at the meeting the Port of Astoria commission this morning. Manager R. Bartlett reported that the was now in the property hands of the Astoria Savings Bank receivership and that the receiving only nominal port was He was instructed by the comlook into the matter of plans for handling the plant the future with the idea that the bank receivers have no definite disposal plans that the port will take the plant over and to find manufacturer who will it and pay rent operate to the port. The reported light manager receipts are being grain stored in space on Pier In event the Fellman plant the warehouse may be taken over used for storing government farm board grain