1.
November 12, 1907
The Spokane Press
Spokane, WA
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PORTLAND, Ore., Nov. 12.-The Merchants National bank of this city failed to open this morning and notices of suspension have been posted on the bank's doors. The banks officers are: J. Frank Watson, president; R. L. Durham, vice president; R. W. Hoyt, cashier; George W. Hoyt, assistant cashier. The bank states that they have paid out $1,500,000 since the holidays were declared and that they had been unable to realize on securities and must temporarily suspend. They assert that they have carried their burden without any assistance from the clearing house. They declare that they are solvent but on the advice of the comptroller of the currency they suspend for the time being but will re-
2.
November 12, 1907
East Oregonian : E.O
Pendleton, OR
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PORTLAND BANK CLOSES DOORS Merchants' National, Unable to Stand Strain, Closes on Advice of Comptroller. HAD PAID OUT $1,500,000 SINCE HOLIDAYS. Bank Asserts That They Have Carried Burden Without Assistance Other Than Clearing House- Declare They Are Solvent and Only Suspend for Time Being on Advice of Comptroller-Crowd Gathers, About Bank and Thirty Policemen Detailed to Prevent Demonstration.
3.
November 13, 1907
Evening Star
Washington, DC
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OREGON BANK SUSPENDS. Merchants' National of Portland Closes Its Doors. PORTLAND, Ore., November 13. - The Merchants' National Bank of this city is for the time being in the hands of the controller of the currency. Its doors were not opened yesterday because of unfounded but persistent rumors which resulted in heavy withdrawals lately Though said to be entirely solvent, the bank was yesterday closed temporarily, awaiting the advice of the control.er of the currency. to whom the bank officers have wired details of the institution. With $5,212,052 on deposit at the close of business August 22 last, wh n th controiler called for a statement of th condition of all national banks, the bank's liquidation since that date has been over $2,300,000. of which amount $1,500,000 nas been withdrawn since the holiday season began. October 29. This run means an average daily withdrawa of cash from the bank of more than $100,000, and the only assistance it has received has been the loan of $250,000 from the Clearing House As ociation, which amount, equaling the capital stock of the bank, was the limit allowed by the national banking act. The Hanover National the National Bank of Commerce and the Merchants' National banks, New York correspondents of the Merchants' Nationa . offered to extend all necessary aid but again the national banking act stood in he way. This left no other recourse than to lay the situation before the controlle: of the currency.
4.
November 13, 1907
Daily Press
Newport News, VA
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Had Over Flve Million Dollars on Deposit, But Had Heavy Withdrawals WAS BARRED FROM RECEIVING AID New York Correspondents and Port. land Clearing House Wanted to Help the Institution, But National Banking Act Prevented. (By Associated Press) PORTLAND,, Oregon, Novv. 12 The Merchants National bank of this city Is for the time being In the hands of the comptroller of the currency. Its doors were not opened today because of the persistent rumors which resulted in heavy withdrawals lately. The bank Is said to be entirely solvent. With $5,212,052 on deposit at the close of business August 22 last, when the comptroller called for n. statement of the condition of national banks, the bank's liquidation since that date has been over $2,300,000. of which amount $1,500,000 has been withdrawn since the hollday season began, October 29. This run means on average daily withdrawal of cash from the bank of more than $100 000 and the only assistance it has rocelved has been the loan of $250,000 from the Clearing House association, which amount equalling the capital stock of the bank, was the limit n)lowed by the national banking net. The Hanover National, the National Bank of Commerce, and the Merchants' National bank. New York correspondent's of the Merchant's Na. tional, offered to extend all Decessary aid, but again the national bank Ing act stood in the way. This left no other course than to lay the sit nation before the comptroler of currency.
5.
November 13, 1907
Albuquerque Morning Journal
Albuquerque, NM
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ANOTHER BANK PORTLAND IN SUSPENDS MERCHANTS NATIONAL IN HANDS OF COMPTROLLER Institution Declared to Be Perfectly Solvent; Unfounded Rumors Responsible for Run Which Drained Its Resources (By Morning Journal Special Leased Wire.] Portland, Ore. Nov. 12.-The Merchant's National Bank. of this city, is for the time being in the hands of the comptroller of the currency. Its doors were not opened today because of idle and unfounded, but persistent rumors, which resulted in heavy withdrawals lately. Though said to be strictly solvent, the bank was today obliged to close temporarily, awaiting the advice of the comptrofler of the currency, to whom the bank has wired details of the situation. With $5,251,052 on deposit at the close of business, August 22, last. when the comptroller called for a statement of the condition of all national banks, the bank's liquidation since that date has been over $2,300.000 of which amount $1,500,000 has been withdrawn since the holiday season began, October 29. Thus run this meant an average daily withdrawal of cash from the bank of more than $100,000 and the only assistance which the bank has received has been the loan of $250,000 from the clearing house association which amount equalling the capital stock of the bank was the limit allowed by the national banking act. The Hanover National and the National Bank of Commerce and the Merchants National Bank, New York correspondents of the Merchant's National, offered to extend all necessary aid. but again the national banking act stood in the way. This left no other resource than to lay the situation before the comptroller of the currency. The Merchants' National has, it is said, held throughout the present money stringency, a larger reserve in proportion to its deposits than any other bank in the city. The size of its reserve is indicated by the fact that it was able to endure a run of $2,300,000. or more than 40 per cent of its deposits. The public in general has heard rumors that the bank was in critical condition from almost the commencement of the holiday period, October 29, but the first real Intimation of an approaching crisis came yesterday when the bank was unable to pay its clearing house balances. The situation was made the subject of a special session of the clearing house association last night and was again discussed this morning. The result was that the bank did not open. In a statement to the Associated Press A. L. Mills, chairman of the loan committee of the Portland clearing house association and president of the First National Bank of this city, said 'It should be distinctly understood that the Merchants National Bank has only suspended payment. Its officers state, and I am confident they are sincere, that they expect to liquidate a portion of its securities and secure new capital and resume business. Its failure is Immediately due to recent heavy withdrawals and other heavy demands made upon it since October 29.
6.
November 13, 1907
The Morning Astorian
Astoria, OR
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BANK WILL RE-OPEN. Securities Will be Secured to Liquidate Debts. PORTLAND, Nov. 12-The Merchants' National Bank of this city is, for the time being. in the hands of the Controller of the Currency. Its doors were not opened this morning, at the regular hour. The bank officials claim this action was necessary because of the malicious, idle, unfounded, but persistent rumors which have resulted in a depleting run. The bank, they say, fought with all the vigor, fortitude and tenacity its whole directorate and officials were capable of against the unrelenting hammering to which the institution was being subjected, but in vain. And, while strictly solvent, the bank has been obliged to close its doors, temporarily, awaiting the allvice of the Controller of the Currency, to whom the bank has wired details of the situation and conditions which brought about its embarrassment. LATER. PORTLAND, Nov. 12.-That the bank will re-open with ample funds secured from the liquidation of some of its securities is the belief of J. Frank Watson, president of the Merchants' National Bank of this city, when temporarily suspended business today. So far as the further embarrassment of Portland financial institutions is concerned. Watson says he does not think there will be further trouble. "We were victims and have been slaughtered, that is the end of it," said Watson. The suspension of the Merchants' National had little effect on the other banks of the city. It seemed as if the anticipated had happened and the crucial point having passed, the tension which has been wrought to high pitch by idle rumor and gossip, was what caused the Merchants' National's embarrassment now seems relaxed.
7.
November 13, 1907
The Salt Lake Herald
Salt Lake City, UT
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BANKS STRANDED OWING TO STORN Merchants' National at Portland, Ore., One at Pittsburg and One Near Chicago. USUAL NOTICES HUNG OUT INSTITUTIONS SOLVENT BUT SHORT OF CASH. Portland, Ore., Nov. 12.-The Merchants' National bank of this city did not open its doors for business this morning. The following notice was posted: "Having been unable to realize on our securities rapidly enough to meet the heavy demands lately made upon us, we have been compelled to temporarily suspend payment. Since the commencement of the holidays we have liquidated about $1,500,000 of our deposits without aid other than that granted by the clearing house association. The association loaned us up to the limit permitted by the national banking act. The bank is solvent. We have sought the advice of the comptroller of the currency and confidently expect to resume business within a short time." J. Frank Watson is president and Ralph W. Hoyt cashier of the Merchants' National. The bank was capitalized at $250,000, and on the last call of the comptroller of the currency the report showed deposits of $5,216,052.11.
8.
November 13, 1907
The Evening Statesman
Walla Walla, WA
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Some people in Walla Walla were a little startled yesterday at the announcement that the Merchants' National bank of Portland had temportrily suspended business, but when the statement of the conditions of the bank are taken into consideration, there is no cause for alarm. Rather is there plenty of evidence that the institution is absolutely sound. According to the published statements, within the last few weeks, since the money market has been strained, the bank has paid out more than $2,000,000, or practically 50 per cent of its deposits. When it is considered that the national banking law requires banks to keep but 15 per cent of their deposits in actual cash in its vaults or with their immediate correspondents in course of exchange, it will be seen that the Merchants' bank must have been conducted along safe and conservative lines. The fact that it has been able to pay out such a vast sum is sufficient evidence of the soundness of the institution. With their eastern correspondents refusing to let loose of the money, which they held, and which actually belonged to the Portland banks, and with other banking institutions throughout the country doing practically the same thing. it is really remarkable that the Merchants' National should be able to pay out such a lårge amount of cash. In Portland financial circles, and in fact in financial circles everywhere, the opinion is expressed confidently that the Merchants' National will reopen within the next 60 days and continue payments with practically no loss to any one, particularly the depositors. The only real significance of the temporary suspension is to emphasize the fact that the policy of the eastern institutions, in refusing to pay to their correspondents the money which is due them, is working an unnecessary and unavoidable hardship on western institutions, which are absolutely sound, and have abundant resources, although some of them have been unable to get hold of sufficient actual cash to meet the increasing demands being made on them by reason of the sponge like methods of New York.
9.
November 13, 1907
The Seattle Star
Seattle, WA
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FRISCO BRINGS OUT HOARDED GOLD PORTLAND, Ore., Nov. 13.00 (By United Press.) Despite the recent temporary suspension of the Merchants' National SAN FRANCISCO, Nov. 13.-It bank, the financial situation in prophested by a leading local Portland is very steady, and debanker was last night that San Franpositors have accepted the situaelseo will emerge from the preation with a sanity and calmness financial flurry with flying colthat is greatly to their credit. eat even before New York gets Earlier In the week the city was nervous and uncertain, but the MPL to normal business. This outmutual desire of all depositors to is made probable by the fact protect each other stifled any In- - men who have been hearding cipient run, and yesterday the demeney in safe deposit vaults are posits In many of the banks far seeklug Investments that will exceeded the withdrawals. The return NW them Interest on their gold. resumption of wheat purchases by order to do this they have been the Portland mills, and the constant childred to take their coin from the incoming flow of gold has also gone Ming places and some of It has far towards relieving anxiety of the already reached the banks in the people. of transactions.
10.
November 13, 1907
New-York Tribune
New York, NY
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NATIONAL BANK CLOSED. Merchants', of Portland, Ore., in Hands of Controller. Portland, Ore., Nov. 12.-The Merchants' National Bank, of this city, is for the time being in the hands of the Controller of the Currency. Unfounded but persistent rumors have resulted in heavy withdrawals lately, and though said to be entirely solvent the bank was closed temporarily to-day, awaiting the advice of the Controller of the Currency. to whom the bank offcers have telegraphed. With $5,212,052 on deposit at the close of business August 22 last when the Controller called for a statement of the condition of all national banks. the bank liquidation since that date has been over $2,300,000, of which amount $1,500,000 has been withdrawn since the holiday season began, October 29. The only assistance the bank has received has been a loan of $250,000 from the Clearing House Association, which amount, equalling the capital stock of the bank, was the limit allowed by the national banking act. The Hanover National, the National Bank of Commerce and the Merchants' National Bank. New York correspondents of the Merchants' National, offered to extend all necessary aid, but again the national banking act stood in the way. This left no other recourse than to lay the situation before the Controller of the Currency. The public in a general way heard rumors that the bank was in a critical condition from almost the beginning of the holiday period. but the first real intimation of an approaching crisis came yesterday, when the bank was unable to pay its Clearing House balances. The situation was made the subject of a special se3sion of the Clearing House Association last night, and was again discussed this morning. In a statement to-day L. Mills, chairman of the loan committee of the Portland Clearing House Association and president of the First National Bank, of this city, said: "It"should be distinctly understood that the Merchants' National Bank has only suspended payments. Its officers state, and I am confident they are sincere, that they expect to liquidate a portion of the securities and secure new capital and resume business. / Its failure is immediately due to recent heavy withdrawals and other heavy demands made upon it since October 29."
11.
November 14, 1907
The Morning Astorian
Astoria, OR
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PORTLAND, Nov. 13.-That the financial flurry has touched bottom so far as Portland is concerned was evidenced today in the increased volume of business that was noticed in all lines. Retailers and jobbers report more business than has been noted since the beginning of the bank holidays, and in financial circles renewed confidence is plainly ap. parent. The failure of the Merchants' National is considered as having been the bedrock of the financial whirlpool and no apparent evil results are to be found in its wake. Incoming shipments of gold from foreign correspondents of the leading banks are adding to the general confidence and it is stated in authoritative manner that the present holidays will be brought to a close at the end of the current week, and the full resumption of currency pay. ments be in force. The officials of the defunct Title Guarantee & Trust Company which suspended last week were bound over to await the action of the circuit court in the sum of $5000 each, having been charged with accepting deposits while knowing the bank was insolvent. Malicious rumors are said to be the cause of the downfall of the Merchants National, but it is stated by the officers of the bank that business will be resumed in a short time. The national bank examiner for this district, Claude Gatch, is in charge of the bank's affairs and is making a rigid examination of the books of the institution. No receiver will be appointed for the closed bank. The statement of Theodore B. Wilcox, at the Commercial Club dinner Tuesday evening, that his firm had resumed the buying of wheat, and that they had cash to pay for it, created a decided upward tendency on the board today. Speaking of the remarks made by Mr. Wilcox at the Club dinner, Manager John H. Whyte, of the Chamber of Commerce, who was one of the Astoria delegation present, said: "I have never seen a more marked influence exerted over a large body of men, most of whom were the leaders of finance and industry of their city and state, than that wielded by Mr. Wilcox over the bankers, merchants and "business men who assembled at the Commercial Club dinner last Tuesday night in Portland. "He had been importuned to speak on the financial situation a number of times, at least to state his opinions concerning it, from it local standpoint, but had refused until the night of the dinner. There was no doubt that the very large crowd present, probably more than 200, were largely down there because it had 1 been voiced around that Mr. Wilcox would speak. And when he began to speak he did not mince matters. He said that some of the men who had recently failed were nobody's friends, not even friends of themselves. He compared some of them to wild horses in the street. But when he gave his opinion for what-
12.
November 14, 1907
The Spanish Fork Press
Spanish Fork, UT
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Another Oregon Bank is Compelled to Close Its Doors. Forest Grove, Ore.--Senator E. W. Haines' bank of this city did not open its doors for business Wednesday morning, because it could not obtain its balances from the Merchants' National bank of Portland, which suspended payment on Tuesday, and which was its local correspondent. Deposits aggregate between $40,000 and $50,000. The bank is considered solvent. Haines was president of the senate at the last session of the legislature, and is also president of the State Bankers' association.
13.
November 14, 1907
Reporter and Farmer
Webster, SD
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OWING TO IDLE RUMORS. Run Results in Closing Bank at Portland. Ore. Portland, Ore., Nov. 13.-The Merchants' National bank of this city is for the time being in the hands of the comptroller of the currency. Idle and unfounded, but persistent rumors, resulted in heavy withdrawals lately. Though said to be strictly solvent the bank is obliged to close temporarily, awaiting the advices of the comptrol. ler of the currency, to whom the bank has wired details of the situation. With $5,212,052 on deposit at the close of business Aug. 22 last, when the comptroller called for a statement of the condition of all national banks, the bank's liquidation since that date has been over $2,300,000, of which amount $1,500,000 has been withdrawn since the holiday season began, Oct. 29. This run means an average with drawal of cash from the bank of more than $100,000.
14.
December 13, 1907
Camas Prairie Chronicle
Cottonwood, ID
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OREGON ITEMS. The Merchants' National bank of Portland, which suspended November 12, is solvent and its resources are in good shape. The report of Bank Examiner Wilson will be acted on by the comptroller of the currency in about 10 days, and in approximately 60 days the Merchants' National will reopen its doors. Webb McCaslin, alias George or William McLaughlin, who murdered E. F. Zaspell, a wealthy farmer, near Heppner, Ore., the night of September 29, was arrested in Spokane. The state of Oregon will not lose a cent, either through the failure of the Title Guarantee & Trust company or the temporary embarrassment of the Merchants' National bank. Representatives of the American Security company, surety for State Treasurer Steel, admitted the company's liability and will reimburse the state to the amount of $408,388.88. This assures the restoration to the public treasury of all state funds that were not adequately secured by approved security. A payment of $112,478 was made recently. Deferred payments will carry interest at 5 per cent. The naming of Senator Fulton of Oregon as a member of the committee on committees gives him a powerful force among the northwest senators. C. A. Shephard will close a deal soon for the leasing of the Pendleton woolen mill and will put the mills in operation within two weeks' time. He will employ 30 hands. The farmers of Athena agree that fall-sown wheat never looked better than it does now. Supervisor Schmitz of the Wenaha national forest, eastern Oregon, is authorized to spend $1000 for a new trail from the Umatilla river up Thomas Fork to the Summit house, six miles down Dry creek, thence five miles to the forest boundary. The trail will be completed before the next fire season begins. The biggest ranch deal of the year was consummated in Pendleton when the Gulliford ranch of 3190.45 acres was sold to M. McCracken for a consideration of $25,520. The ranch is on Butter creek. The Umatilla Wool Growers' association will meet in Pendleton on Sata urday afternoon, December 21, to conI sider fixing the dates of wool sales for next spring, and the importance of a poisoning coyotes during the entire 0 month of January. The association has decided to adhere strictly to the n sales days and pool system of dispost ing of the wool clip, and a discussion a of the various phases of the subject will be one of the important subjects la for discussion at the coming meeting. c
15.
December 19, 1907
The News=record
Enterprise, OR
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NEWS OF THE WEEK In a Condensed Form for Our Busy Readers. A Resume of the Less Important but Not Less Interesting Events of the Past Week. England has just been visited by a severe storm. The Colorado State bank, of Durango, has suspended. The revolutionary agitation is growing in Portugal. The Yaqui Indians are again on the warpath in Mexico. The National Bank of Commerce, of Kansas City, will reopen. Japan and Russia have combined to freeze China out of Manchuria. The bridal gifts of Marshall Field's daughter were stolen in England. The peace conference of the Central American republics has been concluded. Scotchmen in London are again adopting the kilt as a regular wearing apparel. The East has just exeprienced a great storm. Heavy snow fell and many wires are down. Premiums are being offered for the new gold pieces without the motto "In God We Trust." A petition to allow women to vote on municipal affairs in Paris was greeted with laughter by the council. General Funston finds the Goldfield situation serious. Commissioner of Indian Affairs Leupp says Indians are losing millions yearly in timber lands. A hous -to-house canvass at Monongah, W. Va., shows 18 still missing as a result of the mine disaster. Plans are complete for re-organizing the Merchants' National bank at Portland and it is expected to open soon. District Attorney Langdon, of San Francisco, also admits that the evidence of Ruef will be required to convict Calhoun. The American Can company has control of the Pacific coast, having absorbed the United Can company, of San Francisco. Goldfield mineowners have withdrawn their new scale and opened negotiations with the American Federation of Labor. The object seems to be to get this organization into a fight with the Western Federation of Miners. D. L. Anderson, president of the Foochow university, who has just returned to this country, says China is on the eve of a bloody revolution that will mark her entrance into the parliament of the world as a power to be reckoned with. The campaign against rate is being kept up vigorously in San Francisco. The Michigan state treasurer is to be removed for putting funds in a rotten bank. The great fleet of warships is all ready to start on its voyage to the Pacific. The presence of General Funston at Goldfield is believed to have a good effect. Bristol's nomination has been withdrawn from the senate as district attorney for Oregon. Mrs. Longworth has undergone an operation for appendicitis, but there is no fear of the results. Senator Bourne, of Oregon, will continue his third-term agitation despite the statement issued by Roosevelt. Kuropatkin has taken the witness stand in behalf of Stoessel and the general stands a better chance of being cleared. Two mail pouches containing valuable packages were stolen from the Omaha postoffice, and no trace of them has been found. Harry Orchard is not displaying as much bravado in telling the story of his crimes to the Pettibone jury as he did at the first recital. Heney has admitted that he needs Abe Ruef's testimony to convict Calhoun and may yet grant the ex-boss immunity and get him on the stand. Sousa has fully recovered from the effects of ptomaine poisoning. State Attorney Healy says he will enforce the Sunday closing laws in Chicago. The ordinance allowing theaters to open in New York on Sundays has been held up. In the Boston city election Republicans elected the mayor for the first time in six years. Queen Carola, of Saxony, is dying. The prediction is made in the East that Bryan and Roosevelt will be opposing candidates for president. A bridge in construction across the
16.
December 20, 1907
East Oregonian : E.O
Pendleton, OR
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TO OPEN PORTLAND BANK, Plans Being Perfected for Resumption of Merchants' National. Plans for reopening the Merchants' National bank are under consideration by the comptroller of the currency Bank Examiner Wilson and J. Frank Watson, president of the suspended bank, says the Oregon Daily Journal. Mr. Watson is expected to arrive home the first of next week, after a conference with the comptroller on the plan proposed by Watson. It is said the comptroller will await a similar conference between Watson and Wilson on the former's arrival here, and after these two men have gone over the ground thoroughly Mr. Wilson will make a final report and recommendations to the comptroller. At present Bank Examiner Wilson is in charge, as receiver for the government. He is carrying on the work of liquidating claims and collecting accounts. It is said collections are good, and the bank's affairs are in a shape favorable to the plan for resumption of business. It is said E. C. Mears, receiver of the Title Guarantee & Trust company, is making arrangements to take up quarters in the Marquam building and let the large banking rooms and abstracting plant now occupied in the Commercial building. The object is to reduce expenses. Collections are being pushed, and the receiver is preparing to take over the various subsidiary companies through which the depositors' funds were invested. The receiver's intention is 'to sell or lease the abstracting plant and safety deposit department.
17.
December 21, 1907
The Parma Herald
Parma, ID
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RESUME OF THE WEEK'S DOINGS General Review of Important Happenings Presented in a Brief and Comprehensive Manner for Busy Roadere-National, Political, Historical and Commercial. A Montana forest ranger has been killed for a deer. French troops have repulsed an attack of tribesmen near Ain Sfa, Algeria. The Japanese ambassador to France denies that his country is after another foreign loan. Carnegie would base the issue of paper money on the gold reserve instead of government bonds. The Northern Pacific railroad will reduce grain rates from Montana points to St. Paul and Minneapotis. Findlay, Ohio, was badly shaken by the explosion of a glycerine factory Much property damage was sustained. Hill told the Interstate Commerce commission that it means a loss of #80 V a car to keep the old lumber rate in effect. Secretary Taft is havinga rough passy age across the Atlantic and his vessel fi will be a day or two late in reaching e New York. t to Goldfield mineowners have asked the t government to diesolve the Western a Federation of Miners and prosecute it as treascnable. to $ Liquor men propose to fight river and e1 harbor appropriations by congress for te dry states. They say twe-thirds of the national revenue is derived from the el liquor business. tu of England has just been visited by a severe storm. p fa The Colorado State bank, of Durango, la has suspended. 20 ta The revolationary agitation is growing in Portugal. U th The Xaqui Indians are again on the ve warpath in Mexico. ed The National Bank of Commerce, of ly Kansas City, will reopen. a go Japan and Russia have combined to freese China out of Manchuria. The bridal gifts of Marshall Field's daug or were stolen in England. C The peace conference of the Central American republics has been concluded. Scotchmen in London are again pe adopting the kilt as a regular wearing Go apparal. W The East has just exeprienced a great th storm. Heavy snow fell and many the wires are down. ga the Premiums are being offered for the me new gold pieces without the motto "In OV God We Trust." elo A petition to allow women to vote ma on municipal affairs in Paris was greetbe ed with laughter by the council. no General Funston finds the Goldfield tee situation serious. of : Commissioner of Indian Affairs OW Leupp says Indians are losing millions any yearly in timber lands. be has A house-to-house canvass at Mononfee gab, W. Va., shows 18 still missing as qui a result of the mine disaster. che Mo Plans are complete for re-organizing E. the Merchants' National bank at Port. land and it is expected to open soon. 8 District Attorney Langdon, of San ept Francisco. also admits that the evidence mil of Ruef will be required to convict Calhoun. ma Oil gus The American Can company has conpet trol of the Pacific coast, having absorbued ed the United Can company, of San a di Francisco. me Thi
18.
December 21, 1907
Elk City Mining News
Elk City, Red River Hot Springs, Red River, Newsome, Dixie, Buffalo Hump, Buffalo, Crooked River, ID
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OREGON ITEMS. The Merchants' National bank of Portland, which suspended November 12, is solvent and its resources are in good shape. The report of Bank Examiner Wilson will be acted on by the comptroller of the currency in about 10 days, and in approximately 60 days the Merchants' National will reopen its doors. Webb McCaslin, alias George or William McLaughlin, who murdered E. F. Zaspell, a wealthy farmer, near Heppner, Ore., the night of September 29, was arrested in Spokane. The state of Oregon will not lose a cent, either through the failure of the Title Guarantee & Trust company or the temporary embarrassment of the Merchants' National bank. Representatives of the American Security company, surety for State Treasurer Steel, admitted the company's liability and will reimburse the state to the amount of $408,388.88. This assures the restoration to the public treasury of all state funds that were not adequately secured by approved security. A payment of $112,478 was made recently. Deferred payments will carry interest at 5 per cent. The biggest ranch deal of the year was consummated in Pendleton when the Gulliford ranch of 3190.45 acres was sold to M. McCracken for a consideration of $25,520. The ranch is on Butter creek. The naming of Senator Fulton of Oregon as a member of the committee on committees gives him a powerful force among the northwest senators. C. A. Shephard will close a deal soon for the leasing of the Pendleton woolen mill and will put the mills in operation within two weeks' time. He will employ 30 hands. The farmers of Athena agree that fall-sown wheat never looked better than it does now.
19.
December 24, 1907
East Oregonian : E.O
Pendleton, OR
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PORTLAND BANK TO REOPEN. President Watson Fixes Up Affairs of Merchants" National. President J. Frank Watson of the Merchants' National bank, will begin today to arrange for the reopening of that bank, says the Portland Oregonnian. On his return from Washington last Saturday night he announced that the bank would reopen as soon as the preliminaries could be arranged, and he will set to work at once upon the details. It is not expected that these matters will require more than a few weeks, so within 60 days all should be ready for the doors of the institution to swing open again. President Watson had not had an opportunity to confer with the other officers of the bank yesterday, but will begin this work today, and it is probable that within a few days a definite announcement of his plan can be made. In a general way this will consist of enlarging the capital stock of the bank and in collecting outstanding accounts so as to provide a larger cash reserve. By this means it is believed the bank will reopen shortly without any difficulty. There will be meetings today between President Watson and the directors of the bank, when he will tell of his recent conferences with the controller of the currency. That the bank is solvent and can reopen has been generally believed since the day it was forced to suspend. That Controller Ridgely and Bank Examiner Wilson found it so after an exhaustive inquiry is disclosed by the result of President Watson's trip east.
20.
December 26, 1907
Lewiston Evening Teller
Lewiston, ID
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I MERCHANTS BANK SOON TO REOPEN PORTLAND INSTITUTION CONSIDERED PERFECTLY SOLVENT BY CONTROLLER OF CURREN CY AND PLANS TO RESUME PORTLAND, Dec. 26.-What may be regarded as the first definite steps toward reorganization of the temporarily suspended Merchants National bank of this city took place Monday, says the Telegram, with the return of President J. F. Watson from the East. While Mr. Watson returned from Washington Saturday evening, he paid his first official visit to the bank this morning. During the whole forenoon and all day, in fact, save for a short interval for luncheon at noon, he was closeted in his private office with the directors of the bank and Special National Bank Examiner E. T. Wilson, at present in charge of the institution. The importance of the longdrawn-out conference may be judged from the fact that President Wat. son denied himself to everybody not officially identified with the bank. Business men and newspaper representatives were not admitted nor given the opportunity of an inter view. Cashier Ralph W. Hoyt stated at noon that he did not believe affairs would be in such shape that any definite statement could be given out during the day. at "I have had but a moment with Mr. Watson today," said Mr. Hoyt. "He has been busy in conference all day, and I doubt if anything of public interest or importance can be given out now," The general plan of reorganization of the institution is already pretty well known through exploitation in the newspapers. It will consist of an addition of new money. bringing the capital stock up 'to probably $500,000, or twice its present figure. Efforts, it is said, will be made through the special examiner to realize as rapidly as possible on outstanding accounts, and the time of reopening for business will depend to a great extent upon the success met with in this line. Whether there will be any changes in the personnel of officials or directors is at this time a mat ter of conjecture, purely, but it is assumed in local financial circles that Mr. Watson will remain at the head of the bank. Upon his return home Mr. Wat son announced that Controller of the Currency Ridgely was perfectly sat isfied that the bank was solvent an would consent to its resumption o business at the earliest possible date consistent with sound banking prin ciples.
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February 10, 1908
The Seattle Star
Seattle, WA
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RECEIVER THREATENED. (By United Press.) WASHINGTON, D. C., Feb. 10.If the Merchants' National bank of Portland, which suspended in November, does not re-open in a solvent condition by Feb. 15, It will be placed in the hands of a receiver. This information was given out by Comptroller Ridgely today.
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February 18, 1908
Coeur D'alene Evening Press
Coeur D'alene, ID
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PORTLAND BANK RESUMES With Excess of $558,000 Over All Withdrawals. PORTLAND, Ore., Feb. 18.With an excess of deposits and clearance balances amounting to $558,000 over withdrawals, representing the largest actual cash business, in the belief of Bank Examiner Wilson, that has ever been transacted by a bank north of San Francisco and west of Denver, the Merchants' National bank of this city reopened its doors for business today after having been closed 11 weeks to a day. As was stated in these dispatches on November 12 last, the bank was solvent when it closed, and when it reoponed at 10 o'clock this morning it had over $1,000,000 in gold on hand, this amount being about $300,000 in excess of its total demand liabilities. The money withdrawn today amounted to $44,684.48 and represented depositors' sums for the most part of less than $100. According to the tally sheets kept, there were at no time during the day persons in line representing total deposits of more than $1000; and while It required hard work by two receiving tellers to dispose of deposits, the one paying teller was not kept busy the entire day. The cash balance paid the bank through the clearing house amounted to $239,000.
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February 18, 1908
The Birmingham Age-Herald
Birmingham, AL
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Bank Resumes Business. Portland, Oreg., February 17.-The Merchants National bank reopened for business today after remaining for eleven weeks in the hands of a receiver. The bank opened with $5,000,000 in actual cash on hand, more than $350,000 in excess of the claims against the institution. Deposits were received all day.