First National Bank - Corvallis, OR

Bank Information

Episode Type: Run Only
Bank Type: national
Bank ID: 4301
Charter Number: 4301
Start Date: June 15, 1893
Location: Corvallis, Oregon (44.565, -123.262)

Metadata

Model: gpt-5-mini
Short Digest: 13ecd29c

Response Measures

Accommodated withdrawals

Description

Failure/closing of Hamilton, Job & Co. in Corvallis precipitated a short/local run/withdrawals at the First National Bank. Reports indicate the withdrawals were small, promptly met, and the First National remained open and strong. Dates taken from newspapers June 15–16, 1893.

Events (3)

1. May 7, 1890 Chartered

Source: historical_nic

2. June 15, 1893 Run

Cause: Local Banks
Cause Details: Closing/failure of the local bank Hamilton, Job & Co. in Corvallis prompted depositors to withdraw from First National Bank.
Measures: Withdrawals were promptly met by the bank; officers stated the bank was in good condition.
Newspaper Excerpt: The closing of the bank principated a short run on the First National Bank, but it was promptly met and its officers state that the bank is in good condition.
Source: newspapers

3. December 30, 1940 Voluntary Liquidation

Source: historical_nic

Newspaper Articles (3)

1. June 15, 1893 Lincoln County Leader Toledo, OR

Article from Lincoln County Leader, June 15, 1893

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Article Text

A CORVALLIS BANK BURSTS. The Bank of Hamilton, Job & Co. Closes. Quite a ripple of excitement was caused in local financial circles last Saturday by the announcement of the closing of the banks of Hamilton, Job & Co., at Corvallis and Yaquina. The closing of the bank was not precipitated by a run upon the bank but was closed for the reason, SO assigned, that they had not enough money to pay depositors. At six o'clock Friday evening a suit was filed in the district court at Corvallis by B. R. Job VS. Zephin Job to dissolve the partnership existing between them. The complaint alleges that owing to the condition of the money market the firm has been compelled to suspend business, for lack of money and asks for a receiver to wind up their business. The assets of the firm are about $250,000 and consists principally of real estate situate.III Benton county and elswhere, bills receivable and cash on hand. Of the latter there is only about $15, 000. The liabilities are about $200,000 of which $175,000 are in deposits. By this it will be seen that at the present time the depositors will realize very little on their deposits, The depositors are scattered all over Benton and Line coln counties, It is rumored that the treasurer of Benton county had $20,000 on deposit at the bank in Corvallis. The treasurer of Lincoln county had about $575 on deposit at Yaquina while Sheriff Landis had about $400 in drafts and checks against the banking firm. J. R. Bryson, the "well-known lawyer, of Convallis, was appointed receiver with bonds fixed at $50.OOO, and will wind, up the business of the firm. Owing to its close connection with the ráilroad company and its waning fortunes the bank has been losing the confidence of the people and the business became unprofitable. The closing of the bank pricipitated a short run on the First National Bank, but it was promptly met and its officers state that the bank is in good condition.

2. June 16, 1893 The Corvallis Gazette Corvallis, OR

Article from The Corvallis Gazette, June 16, 1893

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Article Text

A CARD. To THE CORVALLIS GAZETTE: In consequence of the excitement attendant on the failure of Hamilton, Job & Co., bankers of this city, which unfortunate affair no one regrets more than ourselves, we desire to correct the widespread statement that there was a run made on this bank. A few excited or thoughtless people, of which there was no considerable number, drew their money. The business of this bank since Monday has been conducted as smoothly and every transaction has been as regular as on any day since the bank opened for business. It is a source of pride and gratification to us to state that the First National Bank, of Corvallls, was and still is strong enough to withstand heavy pressure, but still incre gratifying is the fact that our customers and friends have shown their contidence in us during these times. In conclusion, we desire to state that we have lost nothing in either the failure of Hamilton, Job & Co., or the Corvallis Carriage and Wagon Co., as either one of them does not owe us a cent. The First National Bank, of Corvallis, Or., M. S. WOODCOCK, Pres't. by: W. T. PEET, Cash. W. T. WILES, Asst. Cash.

3. June 16, 1893 The Lebanon Express Lebanon, OR

Article from The Lebanon Express, June 16, 1893

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Article Text

Go to Zahn's for milk'shakes. C.A. Zahn is now making delicious cream. E. RLCase and wife were in tow/n this week. & G. T. Cotton is clerking in Pugh Wallaces this week. Miss Iva Smith is visiting in Albal this week. Kelby, Dunne & Co's. pure prepared house paint for sale by N. W. Smith T. IL Dodson and family have moved to Oregon City. Call onFrey and Settle and see the bargains they"are offering in team harness. T. C. Peebler intends to go to Fish lake on a fishing expedition the first of next week. J. c. Bilyeu and family are in Brownsville attending the pioneer piente. Prof. Torbet, of Albany, was in our city yesterday shaking hands. with old friends. F.L. Power, successor to Thompson & Overman at Albany, is the place to buy harness, whips, robes, etc. For sing'e or double harness, saddles etc., go to E. L. Power at Thomp son & Overman's old stand, Albany, Oregon. Mr. Ream and wife of Albany, were in Lebanon this week visiting W. H. Reed and family. Mrs. Ream is a sister of Mr. Reed. G. W. Wheeler and wife returned home Wednesday from Independence, where they have been on a visit to their son. The Bailey concert which was-given at the Academy last Tuesday evening, was well attended and pronounced a a splendid concert by all who were present W. B. Donaca and E. E. Hammack of this place, are in Portland this week attending the Masonic Grand Chap ter. Mr. Donaca will have his eyes treated again while there. t Prof. Michener will leave today for I San Francisco via Yaquina ou the teachers excursion. After remaining there a few days, he will go on to his home in Kansas. Prof. Michener has made many friends while in our midst. The Sodaville Cornet Band will play the celebrated drama, "The Confederate Spy", next Saturday, June 17,1893, in the City Hall, (Hill's new building) Sodaville, Ore, General admission 25 cents; reserved seats cents; children between 10 to 15 years of age, 15 cents; children under 10, free. Ruff Hiatt returned home Monday from Eugene where he has been to deliver 300 head of cattle to Pickard & Stewart, which he had sold to them. Pickard & Stewart has left for Eastern Oregon with 2200 head of cattle. They went via the McKeuzie route. This is the largest band of cattle ever drove out of this country at one time. Chas. Walton, Henry Beard and Jas. Elliott accompanied them across the mount. ains. The bank of Hamilton, Job & Co., at Corvallis closed its doors last Saturday morning for the want of cash. A notice was pasted on the door saying that the bank had ample assets to pay all deposits in full as soon as they can be realized upon. There was orun upen the First National bank there as reported. The branch of Hamilton & Job's bank at Yaquina also closed its doors. There will be a basket meeting at Waterloo on the 4th Sunday in June commencing at 11 a.m. Two services the day, and a number will Let all come during also be baptised. kindly and bring your baskets. All are invited. We are now building the new church at Waterloo. Please all who have subscribed pay to W. E. Crawford at Waterloo as soon as possible; he is building the church. C.N. PLOWMAN, Pastor. Earl, 13-year-old son of Frank Gilliam of Heppner, wandered into the hills Saturday afternoon and could not be found. That night the resi. dents of Heppner turned out en masse