94ce4c18Accommodated withdrawals, Capital injected
Other: President Julius Lowenberg put up property as security with a trust institution to obtain funds.
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THE PREVAILING DEPRESSION. Day's Report of Its Effect on Various Institutions. PORTLAND, Ore., July 29.-The failures of the Oregon National and Northwest Loan and Trust company have been followed by a run on the Merchants' National, and the suspension of the Union Banking company. The former met every demand, paying dollar for dollar. This seemed to have the most quieting effect and none of the other banks suffered any trouble at all.
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TROUBLES IN THE BUSINESS WORLD. ASSIGNMENT OF A BANKING COMPANY-A BANK STRENGTHENED BY ITS PRESIDENT. New-Whatcom, Wash., July 30.-The following notice was posted yesterday on the doors of the Puget Sound Loan, Trust and Banking Company: "Owing to constant withdrawals of deposits and inability to realize on securities, this bank has suspended temporarily." The institution was capitalized at $125,000. The liabilities are $50,000; assets, $200,000. Cleveland, July 30.-The Bodifield Belting Company went into the hands of a receiver yesterday, on application of the Globe Tanning Company, of Louisville. C. T. Bodifield, the treasurer and general manager, was made receiver. The assets are about $61,000 and the Habilities, $37,000. Fall River, Mass., July 30.-Prebboe Brothers, boot and shoe dealers, running stores In this city, have made an assignment for the benefit of their cred1tors. Liabilities, about $17,000; assets, $12,500. They have been in business here for many years. Racine, Wis., July 30.-Assignee Frank yesterday filed his inventory In the Circuit Court, showing a statement of the assets and liabilities of the Racine Hardware Manufacturing Company. The total assets, including the plant, machinery and material, are inventoried at $499,133. It is not believed the concern will pay over 15 cents on the dollar. The attorneys who represent clients with heavy claims will contest the legality of the mode of distributing bonds among certain creditors as security. Portland, Ore., July 30.-Julius Lowenberg. prestdent of the Merchants' National Bank of Portland, In order to meet the demands made upon the bank for money. put up as security, to one of the large trust institutions, property valued at $1,000,000, and obtained more than sufficient to meet all demands that may be made.
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Portland, Ore., Has a Little Wrestle with the Financial Bugbear, PORTLAND, Ore., July 28.-The failures of the Oregon national and the Northeast Loan and Trust Co. Thursday were followed yesterday by a run on the Merchants' national and the suspension of the Union Banking Co. The former met every demand, paying dollar for dollar. This seemed to have a most quieting effect, and none of the other banks suffered any trouble at all. The Union is a small concern, and is thought to have been anxious for an opportunity to close for a long time because of its small business.
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Portland, Ore., Has' n Little Wrestle with the Financial Bugbear. PORTLAND, Ore., July 28.-The failures of the Oregon national and the Northeast Loan and Trust Co. Thursday were followed yesterday by a run on the Merchants' national and the suspension of the Union Banking Co. The former met every demand, paying dollar for dollar. This seemed to have a most quieting effect, and none of the other banks suffered any troubleat all. The Union is a small concern, and is thought to have been anxious for an opportunity to close for a long time because of its small business.
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Portland, Ore., Has a Little Wrestle with the Financial Bugbear, PORTLAND, Ore., July 28.-The failures of the Oregon national and the Northeast Loan and Trust Co. Thursday were followed yesterday by a run on the Merchants' national and the suspension of the Union Banking Co. The former met every demand, paying dollar for dollar. This seemed to have a most quieting effect, and none of the other banks suffered any trouble at all. The Union is a small concern, and is thought to have been anxious for an opportunity to close for a long time because of its small business.
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LARGE ORDERS FOR GOLD Much of the Precious Metal Now ComIng Back from England. SYMPTOM OF RETURNING CONFIDENCE heat Reaches the Lowest Point Ever Recorded on the Chicago Board of Trade-Other Financial News. WASHINGTON, July 28.-The large orders given by New York financial houses for gold aboad to be imported is regarded at the treasury department as a favorable symptom of returning confidence. Much of the gold now coming here is the same that was exported several months ago. The heavy shipment of American cereals abroad within the past two months have materially reduced the balance of trade against the United States. Another Portland Bank. PORTLAND, July 28 -The Union Banking Company assigned today. No statement is given out for publication. A notice on the door says that owing to the withdrawal of deposits and inability to make collections the bank closed. F. Hacheney has been appointed assignee. None of the bank's officers could be found, and no statement could be obtained. The bank did a small business. It was incorporated about two years ago with a capital stock of $100,000 by H. A. Hogue, J. A. Child and R. P. Earhart. A small run was made this morning on the Merchants' National bank. It was a promptly met by the bank. It is believed the crisis is now past in this city. Wheat Reaches the Bottom. CHICAGO, July 28.-Everything traded in on the board of trade was weak today, chiefly on account of the action of the associated banks as to issuance of clearing house certificates, operators believing that it portended the fears of the financiers and further increased the monetary stringency. The wheat market touched the lowest point recorded in the history of the board of trade. September dropped to 62½. Bank Examiners in Charge. WASHINGTON, July 28.- Comptroller Eckels has placed the national banks that failed yesterday in the hands of bank examiners as follows: Examiner Weightman in charge of the Oregon National at Portland, Oregon; Flynn in charge of the Ellensburg National, of Ellensburg, Wash. Caused by the Helena Banks. GREAT FALLS, Mont., July 28.-The First National Bank failed this morning owing to the Helena bank suspensions. The assets are much above the liabilities, and it is believed the bank will soon resume. The Result of a Run. MOUNT STERLING, Ky., July 28.-The Traders Deposit bank has failed as the result of a run. The liabilities are one hundred and fifty thousand dollars and the assets $390,000. Clearing House Certificates. NEW YORK, July 28.-The clearing house committee issued two millions of clearing house certificates up to noon. The total now outstanding is twenty-five and a quarter millions. Hardware Company Fails. DENVER, July 28.-The Denver Hardware Company has failed for a large amount. - No statement is given.
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Portland, Ore., Has n Little Wrestle with the Financial Bugbear. PORTLAND, Ore., July 28.-The failures of the Oregon national and the Northeast Loan and Trust Co. Thursday were followed yesterday by a run on the Merchants' national and the suspension of the Union Banking Co. The former met every demand. paying dollar for dollar. This seemed to have a most quieting effect, and none of the other banks suffered any troubleat all, The Union is a small concern, and is thought to have been anxious for an opportunity to close for a long time because of its small business.
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Portland, Ore., Has a Little Wrestle with the Financial Bugbear. PORTLAND, Ore., July 28.-The failures of the Oregon national and the Northeast Loan and Trust Co. Thursday were followed yesterday by a run on the Merchants' national and the suspension of the Union Banking Co. The former met every demand, paying dollar for dollar. This seemed to have a most quieting effect, and none of the other banks suffered any troubleat all. The Union is a small concern, and is thought to have been anxious for an opportunity to close for a long time because of its small business.
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SEVERAL BANK FAILURES. The Stringency Cyclone Strikes Conservative Oregon a Body Blow. PORTLAND, July 31.-The First National bank of East Portland closed its doors today. It is said $15,000 would have tided it over, but they could not raise it. The resources July 12 were $325,000; deposits $160,000. The capital stock is $100,000; surplus $20,000. Richard T. Cox, of Pendleton, was appointed receiver of the Pendleton Savings bank today. Assets, $125,000; liabilities, $185,000. The First National bank of The Dalles also closed its doors today. Capital stock, $50,000; surplus, $19,000. The I. W. Case, the oldest bank of Astoria. failed to open this morning, but the owner declares his suspension will be only a matter of a few days. The Commercial bank of Cottage Grove, Lane county, decided to go into liquidation. All the depositors will be paid in a few days and the bank will go out of business. PORTLAND, July 29.-The Commercial National and Portland Savings banks failed to open their doors at 10 this morning. Fifteen minutes later the Ainsworth National closed its doors, which it had just opened. As soon as the news spread in regard to these the smaller depositors began a quiet run on the First National and Merchants' National. At Ladd & Tilten's there was a quiet run, but at the other banks only ordinary business was transacted. PORLAND, Or., July 27.-The Oregon National bank and the Northwest Loan and Trust company failed to open their doors this morning. Notices were posted on the doors stating that the banks were compelled to suspend owing to their inability to realizt on securities rapidly enough to meet immediate demands. George B. Markle is president of both banks. In an interview he states that depositors will be paid full, as the banks' assets are two to one over the liabilities. No statement of the banks is given.
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Nood River Glacier. HOOD RIVER. OR. NOV. 18, 1893. ALL SATISFACTORY. The taxpayers of Portland recently began an investigation for the purpose of discovering what had become of the county money. Their report appended shows where some of it is at present tocated, and it also shows that some of Portland's banks are now running on the people's money: **** Mr. Malarkey was asked what funds belonging to the county he had on hand, and he said $4,000 in the general fund and $5,000 in the school fund. The question was asked Mr. Malarkey whether he had any county funds in any of the banks. He said not a dollar. He was asked if he did not have some money that could be turned into the school fund. He answered that there was no money other than the $4,000 or $5,000. *** Sheriff Kelley said that he had not been in the habit of making out the report that the committee demanded. We inquired the amount of funds he had on hand, and he went on at great length to explain how the funds got into their present predicament, and showed the receipts for moneys turned over to the treasurer. Of the funds which have not been turned over to the treasurer, Sheriff Kelly reports $168,527.24 in the Northwest Loan and Trust company's bank, $148,717.88 in the Oregon National bank and $2,000 in the Union Banking company, in all $319,644.12. He wasasked why these funds were not available, to which he replied he could not check against them as it would close the * * banks. He said that the banks had promised io raise $50,000 by Decembea 1st for the school fund. "Sheriff Kelly incidentally mentioned that one of the banks carrying county funds sent $40,000 of the county money to Ellensburg, Wash., to hold up from insolvency their branch bank there during the panic. "Upon a second visit to Mr. Malarkey it was learned that he had some funds in a local bank. Mr. Malarkey said they were state funds. We asked him if the state treasurer had receipted for the money. He said no, but that there was an understanding between Mr. Metschan, state treasurer, and Mr. Lowenberg of the Merchants National bank, and that everything was all satisfactory." The reading was interupted at this point by a unanimous roar from the assembly. The report concluded thus: "Mr. Malarkey was asked as to the amount of the state funds, and replied $121,000. He was asked if any arrangements had been made with the bank for the payment of 8 per cent interest that the county was paying on the warrants unredeemed because of the money in the bank. He said that question had not been raised. Then the committee ventured the remark that the people had already raised the question."
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THE FLOODS Many of the Main Streets of Poruland Under Several Feet of Water. Six Banks Have Had to Vacate their Quarters-Only One Railroad Running Trains Into the City. PORTLAND, Ore., June 5.-The waters of the Willamette river at this point continue to rise and the indications are that it will continue for several days. This afternoon the water stood 32.2 feet above low water mark. At Umatilla the Columbia river stood 44.5 feet above and at Pasco thirty-four feet above. There yet remains snow enough in the mountains to keep the rivers at their present height for several days. It is impossible to approximate the amount of damage inflicted upon this city in damage to property and loss of business. Damage to the river front alone will be nearly a million dollars. There is scarcely a wharf or warehouse that has not suffered more or less. Merchandise of all kinds is stored in many places which are in hourly danger of being submerged or tilted over into the river. Boats are continuously moving goods to more secure places. In many instances merchants have been compelled to move their goods several times to keep them above water. Wherever possible build. ings in the submerged districts are being vacated. The First National bank, the Portland National bank, the Bank of British Columbia. the London & San Francisco, the United States National and Merchants National hrve all moved to higher grounds. The railroad situation remains unchanged. The Southern Pacific is the only line running trains into the city. The Uunion Pacific is unable to establish its river service between here and Umatilla. The Northern Pacific is still bringing its trains to the city from Kelso on a transfer boat. As a means of insuring protection from tire in the flooded district the chief of the fire department had to secure a sixty foot barge, on which he has fitted a stationary engine capable of throwing three powerful streams. Water has reached the basement of the Oregonian building. While this city is confronted with disaster, adjacent points are having a similar experience. Columbia Slough presents a scene of destruction. The tops of houses and trees are seen just above the water. The lower portion of Van Couver is submerged and Troutdele is also flooded. The Hood River country will experience great loss. Its immense strawberry crop is ripening and there is no means of transportation to market. The locks at the Cascades have stood the strain so far, but there is great danger that they will be swept away.