18384. Ladd & Tilton Bank (Portland, OR)

Bank Information

Episode Type
Suspension → Closure
Bank Type
state
Start Date
October 29, 1907
Location
Portland, Oregon (45.523, -122.676)

Metadata

Model
gpt-5-mini
Short Digest
c7ee2c6b

Response Measures

None

Description

Articles describe Portland banks declaring a multi-day holiday in late Oct 1907 in response to the national panic; there is explicit statement that there was no run on Portland banks. Ladd & Tilton subsequently had a receiver appointed after the 1907 panic and did not resume normal independent operations (receivership discussed in 1908 and retrospective 1914 piece). Thus this is best classified as a suspension (holiday/closure) followed by permanent closure/receivership. Dates are approximate where articles do not give exact day of receivership.

Events (3)
1. October 29, 1907 Suspension
Cause
Macro News
Cause Details
Precautionary multi-day holiday/closing declared by Portland clearing house and governor in response to the national financial panic (Wall Street distress) to preserve cash balances and prevent shipments east; not caused by a depositor run locally.
Newspaper Excerpt
the Portland clearing house ... declare a legal holiday ... Octo 29th, 30th and 31st and during the 1st ... November. 1907
Source
newspapers
2. October 31, 1907 Other
Newspaper Excerpt
There has been no run upon Portland banks ... There is no shortage of cash ... business is being conducted as usual ... the holiday caused slight inconvenience ... but no uneasiness here. (The Hood River Glacier, 1907-10-31).
Source
newspapers
3. November 1, 1907* Receivership
Newspaper Excerpt
When the panic of 1907 forced it to close the doors. When a receiver was appointed, ... she was retained ... to help settle the concern's affairs, and for ten months she watched the procedure ... the last receiver was assistant cashier of the Ladd & Tilton Bank, ... receiving a salary of three hundred a year. (New-York Tribune, 1914-08-09).The depositing of various amounts, the largest being approximately $76,000, with Ladd & Tilton, after the holiday period was declared. (The Morning Astorian, 1908-01-04).
Source
newspapers

Newspaper Articles (3)
1. October 31, 1907 The Hood River Glacier Hood River, OR
Article from The Hood River Glacier, October 31, 1907

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Article Text

Petition. of Salem, Or., Oct. issued 28.-By late tonight order by a proclamation Chamberlain, Oregon holidays, banks in Governor five business that the will enjoy interim it is expected more which in the east will become will be situation the coast banks clarified and to secure the cash balances enabled them from New York. indue was taken at the This of action the Portland Clearing evening House to stance which met this Governor committee, the situation with arrived in talk Chamberlain. over The bankers and bore the the city by petition special from car. Portland: E. of the following Hon. George Chamberlain, view Govof Oregon: In through ernor financial situation has restrained United States which by the out the in concerted action the counsulted clearing houses of of coin, leading suspending the shipment for the try, rendering it impossible to conthus of the state of Oregon their funcbanks the exercise of the city tinue in the associated banks of your of Portland declare a lezal holiday and state of tions, throughout Excellency respectfully to of request Oregon Octo dur 2nd 29th, 30th and 31st and ing the and during the 1st such ac ber, November. 1907, 1907, deeming preserve tion of absolutely good necessary name to of the state of the Oregon: credit and Respectfully submitted, First National bank, Ladd & Tilton, United States National bank, Merchants' National bank, of California, Bank & Lumbermen's Co., bank, Security Bankers' Savings & Trust an Bank of Commerce, Portland Canad Trust Co. of Oregon. stated, the situation is that as Ore- deBriefly to the governor of cash scribed have heavy deposits banks regon banks east and she eastern to send in the any conditions demands. tuse upon west in payment or of indication money There has been depositors no run upon Portland that in one with of banks. a run by arrangement week they can Believing gatsifactory for the effect a banks and also arrange them from shipment county of money banks asked due that the legal rethe mainder east, of the November this week 2, be the made last a day is holiday. in the proclamation, be the Saturday. mentioned Monday will therefore next day. intimation received of here the The first public of the action banks, was by the in closing the the Oregonian the proclamation Tuesday it three Hood River trauggovernot when The reached here in and morn- banks ing. their doors as usual o'clock opened business until after ten and it acted conference WAS had, with when a necessary to and was found of the proclamation, they the term closed. the comply governor, of would The five legal to making unlawful for the banks a proclamation the holidays, seri- do make it these days without of business on as to the legailty be a business. notes or legal papers valid. As holiday would be there ous whether question legal It would concerned, question signed the ou a River is in the far as no occasion for a holiday is no strinbanking the money market has caused in in Wall street gency wes Hood business. There here, valley. and the in the city or of been no withdrawing they There a matter of in the posits, but as the highest notch the cash no uneasiness trouble reached has while fact dehave of the country. the legal re. on bas been all along. and of the banks has it will The here, and while among the serve, history uneasiness hand closing is way above caused slight inconvenience be a to interrupt or of doing the ordinary days, all have and it no for merchante method accepted change business the a few without complaint, general situation no ill effect on the of will have There is no shortage conducted as business. business is being intercash, usual and in all lines, without ruption.

2. January 4, 1908 The Morning Astorian Astoria, OR
Article from The Morning Astorian, January 4, 1908

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Article Text

ASTORIA, OREGON, SATURDAY JANUARY 4, 1908] # SURER CENSURED Funds Were Misappropriated. LS ARECHARGED to Bring Action Against State for the Securities. of records, is given, including the reorganization. Steel's official history and the records, so far as bonds, sureties and other factors are comprised, are mentioned in detail. Those officials of the bank accused of knowingly violating state laws as regards school money are: J. Thorburn Ross, T. T. Burkhart, John E. Aitchison, George H. Hill, William M. Ladd and F. E. Warren The amount of the state's school money said to have been wrongfully received and converted is given as $33,910. In addition to other demands are a statement from the receiver as to how much the bank should have had on hand when it closed its doors, and the depositing of various amounts, the largest being approximately $76,000, with Ladd & Tilton, after the holiday period was declared. In conclusion it is petitioned that the court declare the state's money to have constituted a trust fund, irreducible and not to be loaned or invested, and that full restitution be made of such funds before $34,000 or other amount is paid out to others.

3. August 9, 1914 New-York Tribune New York, NY
Article from New-York Tribune, August 9, 1914

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Article Text

SUNDAY MAGAZINE FOR AUGUST 9. 1914 president of the Portland concern that he ccording to the Governor's considered it a breach of courtesy for one hich he did with the utmost firm to take an employee of another. He the saloons were closed, the said he had taken a great deal of trouble into custody, and the town to train Miss Hobbs for the work of his military control Miss Hobbs office, and asked the Portland banker to a quiet farewell. write her that her services were not needed. instrument clicked off the This protest was responsible for the girl's the next twelve hours it was being made the president's private stenogactically every daily newsrapher. United States and Canada. She was with the company just a year as much publicity out of before the panic of 1907 forced it to close as if she had been elected its doors. When a receiver was appointed, The idea of sending her to she was retained at a good salary to help a bit freakish: but Govsettle the concern's affairs, and for ten good reasons for this unmonths she watched the procedure of the procedure, which you will federal court and the workings of the bankyou read about the girl's ruptcy law. The last receiver was assistant and how it happens that cashier of the Ladd & Tilton Bank, another twenty-seven she is the right concern in which the girl's former employer executive department of a was interested, and he secured her a posireceiving a salary of three tion in that institution. a year. She worked there until three years ago, was born on a sheep ranch when Benjamin W. Olcott, a prominent of Naponee, Nebraska. politician, who had seen her in the office of hn Alden Hobbs, came from one of the receivers for the Title Company, New Hampshire, where recommended her to Governor West as a lived since that region was suitable girl to become his private stenogWhen she was six years old rapher. The Governor liked Olcott's deto Salt Lake City, where scription of the girl, and asked him to bring grammar and high schools. her to the capitol building. When she Miss Hobbs' fondest wishes arrived it took him about two minutes to be able to go to college; decide that she was the girl for the job. was eighteen her father met Miss Hobbs went to work with all the reverses and the family zeal and enthusiasm that a young woman could possess, and it was not long before it imperative that she the Governor began to give her tasks that upporting. She was uncalled for executive ability. In 1912 Govwork, and in order to ernor West launched a State-wide antivice foothold that would encrusade, and it became necessary for him a living while preparing to open an office in Portland, where the she got a position as govfight centered. Miss Hobbs was given of J. Wesley Ladd, a charge of the Portland office. There was of Portland. She spent a much excitement, and scores of men and of the Ladds, and put women, from prominent church workers time with a shorthand book down to divekeepers, besieged the office. ypewriter. The girl had to match wits with all of them. in search of a position Sometimes they came singly, sometimes in a stenographer without excrowds, and she dealt with them as diploecommendation from a busimatically as if she had been in the heat of a slim chance of finding such fights for twenty years. Now you can a lawyer from Eastern to Portland in search of a understand why Governor West sent her to Copperfield. nd some kind fate prompted Hobbs. She worked in The Oregon executive has instituted many reforms, notably the humanization ffice for eight months. He of the prison methods, the revision of the general practice, ran an and was United States Land revenue laws, the simplification of law-enand counsel for the State forcement processes, and the modernization of all the State's public institutions. Abstracting was tedious work; Miss Hobbs has helped him in all this work, Hobbs a chance to acquire and has been on the firing line during two knowledge of the handling and it was there she learned sessions of the Legislature. She has found time during these busy of law regarding the disvernment land. It was beyears to study law, and last spring she received an LL. B. degree from Willamette owledge that Governor West University. She was admitted to the bar Vashington last fall. There the State who knew more last summer, just after her appointment as and matters than did Miss private secretary to the Governor. She is pretty, charming, and a social favorite among a large circle of friends at Salem and ecessary for her to be nearer Portland. applied for a position in the It is safe to say that no woman in Amerpartment of the Title Guarica has had better all-round training. Her Company of Portland, a conthe Ladds were stockholders. friends at Salem and Portland say she would make a first-rate Governor: but her a favorable reply she ambitions do not run in that direction. She of her intention to go back He recognized her excephopes to devote most of her life to child and did not want to give her reform work, either in a juvenile court or a reformatory. his temper and wrote the RTIST'S QUEST FOR MATERIAL