18319. Hamilton, Job & Co. (Corvallis, OR)

Bank Information

Episode Type: Suspension → Closure
Bank Type: private
Start Date: June 10, 1893
Location: Corvallis, Oregon (44.565, -123.262)

Metadata

Model: gpt-5-mini
Short Digest: e034fae6

Response Measures

None

Description

The private banking house Hamilton, Job & Co. at Corvallis suspended payments on June 10, 1893 citing want of cash and the prevailing financial stringency with steady withdrawals. A receiver was appointed and later an assignment for the benefit of creditors was made in mid-to-late June, indicating permanent closure rather than a temporary suspension or reopening. Although articles mention some withdrawals, coverage (and a correction by the First National) describes only a few people withdrawing, so this is classified as a suspension (not a full depositor run) that ended in closure/assignment.

Events (3)

1. June 10, 1893 Suspension

Cause: Macro News
Cause Details: Suspended for want of cash amid the prevailing financial stringency and steady withdrawals associated with the national panic of 1893.
Newspaper Excerpt: The private bank of Hamilton, Job & Co. failed to open its doors for business this morning.
Source: newspapers

2. June 16, 1893 Receivership

Newspaper Excerpt: J. R. Bryson qualified on Monday as receiver for the institution and receiver called a meeting of creditors; assignment later made for benefit of creditors (June 19-20).
Source: newspapers

3. June 20, 1893 Other

Newspaper Excerpt: An assignment was then made for the benefit of the creditors.
Source: newspapers

Newspaper Articles (14)

1. June 11, 1893 The Herald Los Angeles, CA

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FINANCIAL TROUBLES. The Record of Saturday's Bank Failures, Assignments, Etc. CORVALLIB, Ore., June 10.-The - private bank of Hamilton, Job & Co. failed to open its doors for business this morning. Job & Co. expect to pay the depositors in full as soon as their assets can be realized upon. There was no preceding distrust apparent, but a steady withdrawal of deposite on account of the prevailing financial stringency. The assets are $255,000, in money, notes, county securities and real estate. The liabilities are $255,000, of which $171,000 is deposits. General confidence is expressed that the concern will be able to resume business shortly. The First National bank kept its doors open till 6 o'clock. SIOUX CITY, Iowa, June 10.-The Union Stock Yards State bank filed an assignment this morning. Its assets are placed at $428,667; liabilities, at $163,140. The bank is capitalized at $300,000. The clearing-house committee which investigated the failure stated that it is due to loose methods of carrying on business and will not affect anybody else in the city. The deposits are less than $50,000 and there is no possibility of any loss to depositors. CINCINNATI, June 10.-The Citizens' National bank of Hillsboro was closed order of curA cousin today rency. by the of comptroller ex-Governor of Forof the bank, and J. J. a aker Pugeley, vice-president. is president late The member last of statement, congress, two months ago, showed: Capital stock, $100,000; surplus, $50,000; undived profite, $19,000; average deposits, $275,000. WILMINGTON, o., June 10.-Owing to the suspension of the Citizens' National bank of Hillaboro yeeterday the Lynchburg branch of the institution has been forced to suspend, but it is thought only temporarily. MINNEAPOLIS, June 10.-A statement of assets and liabilities of the Northwestern Guaranty Loan company was filed this afternoon. It shows general assets $5,262,515 and general liabilities $3,145,722.76. TOLEDO, O., June 10.-A.1 L. Backue & Sone company, a grain firm of this city, made a voluntary assignment today. The liabilities are estimated at $300,000, while the assets are not known, though it is claimed they will be sufficient to meet the indebtedness. NEW YORK, June 10.-Kuhn, Doerflinger & Co., diamond merchants, have made an assignment.

2. June 11, 1893 The Morning Call San Francisco, CA

Article from The Morning Call, June 11, 1893

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FOR WANT OF CASH. A Corvallis Bank Compelled to Close Its Doors. CORVALLIS, Or., June 10.-The private bank of Hamilton, Job & Co. failed to open its doors for business this morning. The following notice was posted on the door: "We have been compelled to suspend for want of cash. Assets sufficient to pay depositors in full as soon as they can be realized upon." There was no preceding distrust apparent, but a steady withdrawal of deposits on account of the prevailing financial stringency. The bank's assets are $255,000 in money, notes, county securities and real estate; liabilities, $205,000, of which $171,000 is in deposits. There is but little exment and general confidence is expressed that the concern will be able to resume business shortly. The First National Bank kept its doors open till 6 o'clock.

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

Article from The Corvallis Gazette, June 16, 1893

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THE BANK SUSPENSION. It required considerable time Saturday morning for the citizens of Corvallis to realize that the pioneer banking house of Hamilton, Job & Co. had suspended pay. ment for a lack of cash. Almost all who were told of the disaster at first regarded the information as nonsense. The misfortune cast a gloom over the city, but it was generally believed that the bank would speedily resume business. In an ordinary state of the money market there would have been no difficulty of securing an almost unlimited amount of money on short notice, but as is well known, banks are crashing all over the land, and it behooves institutions of this kind to hold their funds. The notice on the front doors of the bank announces that the assets will be sufficient to pay liabilities as soon as they can be realized on, and that is about all the comfort depositors have been able to obtain up to this time. J. R. Bryson qualified on Monday as receiver for the institution and during the week has been engaged with as much assistance as he could make use of in examining the books, and it was hoped he would be able to make a statement of affairs in this is. sue of the GAZETTE, but it proved otherwise. The liabilities are said to be about $200,000. The receiver has called a meeting of the creditors for next Monday evening at the court house, at which a statement of the affairs of the bank will be made. This is the first failure in this state since the panic began to affect this coast, and it is confidently expected that there is no Occasion for serious alarm in other quarters in Oregon. A large number of banks have failed in Washington state, and the fact that many of them have resumed business goes far toward assurance of the Oregou banks' immunity from disaster. The First National Bank, of this city, was not materially affected by the misfortune of Hamilton, Job & Co., although, of course, the progress of business in the community generally will be retarded for a time.

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

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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.

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

Article from The Lebanon Express, June 16, 1893

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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

6. June 17, 1893 The Dalles Times-Mountaineer Dalles, OR

Article from The Dalles Times-Mountaineer, June 17, 1893

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A Ba. k Su-pends at Corvallis. CORVALLIS. Or, June 10-The - bankiog house of Hamilton. Job & Co, of this city, and its branch at Y quina City posted a notice of suspension this morn 16g. There was DO apparent excitement over the affair, as the public is of the opinion that the suspension will be temperary and depositors will receive dollar for dollar. Since it, organization, in 1876 it has steadily grown 10 popularity and enjoyed the confidence of the busi ness CO umunity to a marked degree. Its owners. Messas. Z-ph1D nd B. /Jub, are known as two of the most enterprising and public spirited citiz ns in this section of the vallev, having contributed liberally to the agricultural College and other enterprises of a like nature.

7. June 20, 1893 The Salt Lake Herald Salt Lake City, UT

Article from The Salt Lake Herald, June 20, 1893

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HEAVY FAILURE, An Oregon Bank Makes Assignment for Benefit of Creditors. CORVALLIS, Or., June 19.-The creditors of Hamilton, Job & Co., bankers, who failed a week ago, held a meeting today. The receiver made a statement showing total assets of $195,000. A deduction was made from this of $26,000 for doubtful overGrafts and bills receivable. The liabilities are $224,000. Assignment was then made for the benefit of creditors.

8. June 21, 1893 New-York Tribune New York, NY

Article from New-York Tribune, June 21, 1893

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of liabilities is not obtainable. The officers of the bank claim that depositors will be paid in full. Corvallis, Ore., June 20.-The creditors of Hamilton, Job & Co., bankers. who failed a week ago, held a meeting yesterday. The receiver made a statement showing the total assets 10 be $195,000. A deduction of $62,000 for doubtful overdrafts and bills receivable leaves available assets of $133,000. The liabilities are $224,000. An assignment was then made for the benefit of the creditors.

9. June 22, 1893 Lincoln County Leader Toledo, OR

Article from Lincoln County Leader, June 22, 1893

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repairing of your watches McCulloch clocks give J. to Anything and City, a call. drug store of will Yaquina be Jr.H. McNeil's extra left at attended to without charges. absorbing question how with they the pleasure-loving The the people, celebration, is since have the will Walluski get to and the Benton both been laid up. Mr. W. Buoy, a student short of visit Phil- to omath college, Akin's paid over a Sunday as Dr. J. L. from the beach enroute memhe returned home. Mr. Buoylis a and is for his the Philomath band, men of one ber of of the leading young that city. FOUND-A purse containing also a a considerable sum of money, can get knife. The owner giving pocket same at the postoffice the by same, W. E. the the proper discription of RICH, Postmaster. evening the steamer lumber Tuesday started to tow the FranHarrison Del Norte, of San The schooner over the Nehalem bar. to cisco, seemed to lose power steamer Harrison herself, and both on the handle schooner went aground south and spit of the north channel. was blow- A strong northwest wind it impossible to ing, and clear this of the made spit. The that crews the keep and it is thought high are boats safe, will both come off at tide. 11. Friday night while with the Richardson Last was going down ran inloads of rock she two the SCOW fog and Captain Chatterton anchor for thought to he would was cast done and all hands the night. went tide This to sleep. went out Along and in was the the night boat being the closer inshore and boat than were supposed, reposing the serenely SCOWS on the botton floated off. left till next high tide when she of our county officers county who One good money from the takes the and taxpayers draws for his services sends east to county get his money stationery. This calibre exhibits that of small bore relic. a species worthy of preserving as that a he is excuse he istated half as could As an get stationery almost here. We as he could get it we cheap know about that, but referred do don't that the gentlemen of any know asked the price of any to stationery never or printed matter further at this office; and we in the that our bids on office will average for clerk's know kind file less than the Portland offices charged county work. The other with the same are well pleased prinofficers work done by Lincoln county sense to and show the good county have their ters, work done at in home. the But is and then keep to send the money away after goods Henglish, ye know. The statement of the Receiver the of Hamilton, Job & Co., places prinat $194,767.58 divided at Corcipally assets as follows: Cash Yaquina, vallis, $12,645.21; cash at at Cor$2,581.97; bills receivable Yaquina, $88,624.537 at Corvallis, $5,463.87; vallis, overdrafts at $417.04; at Yaquina various $54.942.36; balance consisting of personal. property, the both real and the above assets $36,050.33 receivable and at Corvallis are and $100 overdrafts bills Of as doubtful, $25,634.00 of considered set bills down receivable at Yaquina are liabilities $224,348.17 Corvallis, $65, the same. at as The follows: Time are certificates 120.97; time certificates at at Yaquina Corvalcall certificates in open $770,00; $23,884.55; deposits $82,009.60; lis, at Corvallis, at Yaaccounts in open account banks, deposits $8,331.07; due other they $44,231.98. quina, It about will be 59 seen cents still that on cling the ought to pay dollar: The Job brothers the assets figure up to the about $260,000. is statement that It

10. September 5, 1893 The Seattle Post-Intelligencer Seattle, WA

Article from The Seattle Post-Intelligencer, September 5, 1893

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Corvallis Bankers Arrested. CORVALLIS, Or., Sept. 4.-Zephen and B. R. Job, of the private bank of Hamilton, Job & Co., which suspended last June, were arrested today, for having failed to pay on demand county funds to the amount of $11,000, on deposit when the bank suspended. Both were released on $4,000 bonds each.

11. September 5, 1893 The Herald Los Angeles, CA

Article from The Herald, September 5, 1893

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Bankers Arrested. CORVALLIS, Ore., Sept. 4.-Stephen and B. R. Job, of the private bank of Hamilton, Job & Co., which suspended last June, were arrested for having failed to pay on demand county funde to the amount of $11,000 on deposit when the bank suspended. Both were released on $4000 bond, cash.

12. September 8, 1893 The Lebanon Express Lebanon, OR

Article from The Lebanon Express, September 8, 1893

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e Fresh bread at Zahn's Old gold or silver made into new rings, pine &c., at Hardy's. The governor of South Carolina is now accused of mixing too much water with his whiskey in his state barrooms. It is thought that it will ruin t the democratic party in that state. -Ex. A. W. Marks, W. E. Hardman, Mr. Crandall, Dol. Boslar, Wm. Retherford, M. Follis, and others who have been working on Wilson & Chase's contract at Corvallis, returned home this week. They report that the buildings are nearing completion and will be done in a few days. Zephin and Benj. R. Job, partners in the private bank of Hamilton, Job & Co., of Corvallis, which suspended on June 9th, were arraigned Monday in the justice's court for having failed to pay on demand county funds to the amount of $11,000 on deposit when the bank suspended. They waived examination and were released on bonds of $4,000 to await the action of the grand jury. It is learned that the Linn County National Bank will pay to its depositors 20 per cent of their deposits on Oct. 10, which is the expiration of the time set for the presentation of claims against the bank. Collector Beall has now on hand about $40,000, and it, is likely that the first payment will be 1 followed by another very soon. Money is coming in faster than was expected. -Herald. Among the Incidents of childhood that stand out in bold relief, as our f memory reverts to the days when we a were young, none are more prominent than severe sickness. The young mother vividly remembers that it was Chamberlain's Cough Remedy cured her of croup, and in turn administers it to her own offspring and always e with the best results. For sale by M. A. Miller, Druggist. f John R. Cartwright, of Harrisburg, d has just completed the picking of thirS teen acres of an early variety of hops. They yielded 2200 lbs. to the acre. He sold 27 bales of them for 17 cents per pound, which gives him $374.60 per acre. He has twenty-three acres yet to pick. The hops were purchased d by Kola Neis for Phil Neis & Co., and o were shipped Saturday from Harrist burg, and is said to be the first lot shipped by a dealer. About 300 people were in attendance at the foot-race at the fair grounds yes1 terday, between Berthwaite, a local 8 sprinter, and Leo Ett, the Montana e man. The race was for $90 and a run IS of sixty yards, and was won by Berthwaite by about three feet. The time d was about seven and one-half seconds e as near as could be ascertained. A is rough estimate placed the amount of d money that changed hands at nearly n $1,000.-Statesman. From Corvallis comes the report that there is good reason to believe that the S Oregon Pacific railroad is to put on two e steamships between Yaquina and Hon1 olulu. The steamers will be not less than 2000 tons capacity and are to have y good passenger accommedations. The es scheme has been on foot for two emonths and has practically matured. n The outward cargo will be wood speit cialties and other classes of freight. g The inward cargo has been arranged it for and will pay the company handts somely. The officers of the Oregon es Pacific would say nothing upon the the other

13. September 22, 1893 The State Rights Democrat Albany, OR

Article from The State Rights Democrat, September 22, 1893

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FRIDAY. Rev J L Hershner, of East Portland, was n the city today. Dr TC Mackey, of Aibany, was called to this place Thursday to attend George Sowers.-Santiam Lumberman. H A Brown. runner for the Ross House left today for Eugene where he will enter the state university which opens next week. Miss Mattie Parton who has been at Albany and Newport for several months left for her homeat Waitsburg, Wash thisnoon. D F Dean, editor of the Coquille Herald is in the city, called here by the serious illness of his brother, editor of the Populist, Pat Farrell, and son Charley, and Jerry Ream are hunting bear and deer somewhere in the mountairs up the Santiam. ent Rassell, Halsey this noon on account of the serions illness of her mother, Mrs J A Smith. Sam the cook. a celestial who has resided at Lehanon foo several years; who went to China last fall returned to this county yesterday. He was married while gone. Mrs F M Garrett. who has returned from a trip to her farm at Peoria, has left at the DEMOCRAT office some fine peaches. and prunes which she brought home with her. Ed Kellenberger returned to Lebanon this week from his visit to his old home in Switzerland. Ed is looking well and hearty, His many friends are glad to welcome him back.-Advance. Nick Springer and W E Baker have returned from the mountains with a record of 7 deer. The Man about Town had two or three bites of jerk venison that will testifiy to the quality of the animals they killed. Misses Emma Brenner and Theresa Baumgart gave their uncle. ex-councilman Julius Gradwohl a surprise party yesterday It was a delightful affair and was greatly appreciated by those completely surprised as well as by all concerned in the happy event. W T Branch of "Portland, the gentleman selected to expert the books of the suspended bank of Hamilton, Job & Co. arrived in the city today and has already begun on Lie work. Mr Branch was chosen on recommendation of Henry Failing, Esq. president of the First National bank of Portland.Corvallis News.

14. October 19, 1893 Lincoln County Leader Toledo, OR

Article from Lincoln County Leader, October 19, 1893

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Number 33 Assignee's Report. / Assignee Bryson has just completed his report of the court of the claims presented during the ninety days allowed by law, against the estate of Hamilton, Job & Co., insolvent debtors, The report is volumious, occupying about one hundred pages, and is a complete showing of each claim that demands satisfaction out of the assets, together with an explanation of its character, and a description of its offset, if there be any. The total number of claims is 459 and their aggregate amount is $223,412.25. These figures include $5,605.03 unlisted claims that did not appear on the books when the bank closed. They are largely open accounts against the firm, and were not included in the $224,348.17 liabilities reported by the receiver at the creditor's meeting. The decrease in liabilities, notwithstanding the appearance of the $5,605.03 unlisted claims, is owing to the failure of presentation of claims amounting to $6,540.85, by which amount the creditors are gainer. The total amount of offsets is $17,487.28. The report confirms the view taken of the bank affairs by Mr Bryson in his report as receiver to the creditors and indicates that the assets will ultimately pay out about the per cent. named in that report, which was 59 per cent.-Corvallis Times.